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Hedge funds hold a large net short position in the Canadian dollar, at about 42,000 contracts according to CFTC data. The author argues the loonie looks undervalued against bond yields and oil and expects short positions to be unwound, possibly lifting the currency.
A short-covering rally in the loonie would raise the cost of Canadian-origin commodities priced in U.S. dollars, such as canola meal and barley, in the near term.
theglobeandmail.comScott BarlowMay 30, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
