IMM Report: EUR Longs At A Fresh Multi-Year High, CAD Shorts Extended & Vulnerable

Scotiabank FX Strategy Research notes that data from the latest IMM report (covering up to Tuesday May 23 & were released Friday May 26) showed that the EUR net long has climbed to a fresh multi-year high, reaching $9.1bn on the back of a $3.9bn (fourth consecutive) w/w build driven by a combination of short covering ($2.1bn) and a build in longs ($1.7bn).

On GBP, ScotiaFX notes that short covering in GBP has continued for a fifth consecutive week, driving the bulk of this week’s $0.7bn narrowing in the net short to $1.9bn

On CAD, ScotiaFX notes that market participants pared CAD risk into Wednesday’s BoC, reducing both gross long and gross short position, delivering a modest $0.1bn w/w build in the net CAD short to a fresh $7.3bn record.

CAD positioning is extended and shorts are vulnerable,” ScotiaFX argues.

Source: Scotiabank Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/GK2CPb7PRXg/imm-report-eur-longs-fresh-multi-year-high-cad-shorts-extended-vulnerable

from Online Forex Trading Resource
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