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FX COT Update: Largest CAD Sales In Four Years
Non-Commercials shifted their bias last week selling 28k contracts to take the total position to SHORT 12k contracts. This dramatic shift in positioning which marks the largest net-selling CAD in four years came ahead of the OPEC meeting as investors anticipated failed talks leading to downward Oil pressure. News that OPEC, in fact, agreed on a deal to cap output saw Oil and the Canadian Dollar both strengthen initially though some gains were conceded as markets began to doubt the likelihood of a smooth implementation of the deal. The Canadian Dollar has been under pressure over recent weeks as rising global bond ... (full story)