EUR shorts scaled back in weekly CFTC report

From the weekly CFTC Commitments of Traders report (all data as of the close on Tuesday):

• EUR shorts to 113K from 118K
• JPY shorts to 56K from 58K
• CHF shorts to 17K from 14K
• AUD longs to 46K from 48K
• CAD longs to 44K from 38K
• NZD longs to 9K from 12K
• GBP shifts from a net short 13K to a net long 8K (first time it’s long since Aug 2011)

The two things that pop out are 1) the shift in sentiment on GBP. A switch from short to long is a traditional bullish indicator — cable could still have room to run. 2) The continued rise in CAD longs — the loonie is growing into the darling of the currency market and poised to surpass AUD as the speculative favorite.