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Jul 01 - 05:00 AM
USD/CAD - After The Purge USD/CAD Is Very Likely To Rally
First appeared on eFXplus on Jul 01 - 02:50 AM
  • China/US restart trade talks but CAD drops nL4N2400C00
  • USD/CAD 1.3060 low before G20, closed 1.3086, 1.3108 today
  • USD/CAD longs were purged in advance of the meeting IMMFX
  • Week to Jun 25 USD 1.7 bln longs pared, biggest change for any FX pair
  • Just 1.1bln USD longs remained. Pair then dropped 1.3153-1.3060 before G20
  • Potentially no longs remained. With risk back on, rates will support USD/CAD

CAD betting and USD/CAD Click here

Source:
Refinitiv IFR Research/Market Commentary

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