The CFTC Report- Canadian Negative Bias Narrows

At the latest report by Commodity Futures Trading Commission (CFTC) covering data up to March 25th, the sentiment was influenced mainly by FOMC decision and its economic projections. Euro bullish sentiment moderated against the US Dollar since the asset tapering continued strengthening the US Dollar. At the same time though the Canadian net short position declined for that week to $3.0 billion. Moreover, the Canadian had the largest long/short ratio indicating a significant decrease in the negative bias. That momentum could drive the net position to the long side in the following weeks.

Furthermore, the Japanese Yen negative bias revived increasing by $0.88 billion to minus $8.4 billion. On the other hand the British Pound bullish bias increased slightly by $0.42 billion against the US dollar. Lastly, bearish sentiment remains with the Australian Dollar although mildly unwound according to latest CFTC report.

The Canadian Dollar had the biggest weekly change this time. The net short position decreased by $3.3 billion despite recent support of the FOMC to the US Dollar. The forex pair found strong resistance at 1.1276 and retraced lower, perhaps on profit taking triggered by rising CPI and Retail Sales. The biggest negative weekly change took place on the Euro. The EURUSD in the respective week declined from 1.3931 to 1.3750 weighed by FOMC statement mainly.


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