Fxstreet.com (Barcelona) – The Dollar's decline against the Canadian from 1.0935, July 29 high, has continued today with the pair falling 0.75% so far today from 1.00760 opening price to trade below 1.0700 level and post the lowest levels since October 2 close to 1.0680.
Currently the pair is trading around 1.0680/90.
According to Kasper Kirkegaard, analyst at Danske Bank A/S, the CAD is back in favour: “Speculative investors have increased their bets that the Canadian dollar will continue its rally. Net long positions were expanded by USD1.2bn, implying that speculative net long positions now stand at 32% of total open interest – the highest since June last year. This indicates to us, however, that positioning has become a liability in relation to a further CAD outperformance against both the dollar and the $-block in general.”
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