Bank of New York Mellon wrote a report with a perfect title: We love the CAD, who doesn’t?
They are long term bulls (like everyone) but worry that the speculative market too long and the recent CFTC numbers seem to confirm a one-sided market.
They note that portfolio flows have been persistent.
It should also be pointed out that portfolio flows into Canada, as measured by BNY Mellon iFlow data, remain promising – less so on the equity side admittedly (where the picture has been relatively flat in the past few weeks), but certainly on the bond side, where the trend in inflows has remained unwaveringly positive for some time.”
