Takeaways From This Week's COT Report: CAD Bears Build Shorts For First Time Since Jan

Data in this report cover up to Tuesday June 7 & were released Friday June 10.

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The aggregate USD long position has climbed $6.3bn w/w, rising to $12.3bn — its highest level since early February. Position changes were most meaningful among the G4/reserve currencies with notable deteriorations in (already) bearish sentiment toward EUR and GBP as well as an improvement in bullish JPY positioning. CHF has turned bearish from neutral. JPY is the largest held net long while EUR and GBP are the largest held net shorts (bottom left p2).

CAD sentiment appears to be showing signs of a decisive turn given the details underpinning the modest $0.3bn narrowing in the net long to $1.7bn. CAD bulls (gross longs) have pared their position for the third week in four, however the key signal lies in the position change among CAD bears (gross shorts) as we note their first build since late January.

AUD sentiment has deteriorated for a sixth consecutive week, the net short widening $0.8bn to $1.2bn on the back of a continued (sixth consecutive) moderation in gross long positioning and renewed confidence among AUD bears.

Bears have driven the bulk of this week’s changes in sentiment for both EUR and GBP, with a $4.3bn deterioration in the former and $3.1bn deterioration in the latter—the 33K contract build in gross shorts representing a record weekly change for GBP. With regards to EUR, we note that bears have added to their positions in each of the past four weeks.