Weekly speculative futures positioning as of the close on Tuesday in the Commitments of traders report:
- EUR long 38K vs 27K last week
- JPY short 68K vs 71K last week
- GBP long 1K vs 11K last week
- AUD long 81K vs 85K last week
- CAD long 27K vs 35K last week
- CHF long 4K vs 4K last week
Euro not longs at the highest since July 2011.
The smart money doesn’t seem so smart on this trade. Longs have been hit since Tuesday’s close.
The other takeaway might be CAD positioning which has crumbled from +70K since mid-January. USD/CAD is up 1.5 cents in that time but given the rapid shift in sentiment, I would expect it to have moved more. You could interpret that as a bearish sign for USD/CAD.