# Signs suggest the loonie is poised for an upswing - The Globe and Mail

> 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.

- Date: 2019-05-30 · published 2019-05-30T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/59321-signs-suggest-the-loonie-is-poised-for-an-upswing-the-globe-and-mail
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

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.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-signs-suggest-the-loonie-is-poised-for-an-upswing/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.