CFTC Report: CAD Shorts Plummet, Gold Buying Surges Amid Shift in Speculative Positioning

The latest CFTC report shows that speculative positioning in various markets has shifted more constructively. The Canadian Dollar's (CAD) non-commercial net shorts decreased by over 36.5K contracts to around 121.5K, marking the biggest weekly improvement since mid-December.

This reduction in CAD shorts led to a modest rise in the currency as USD/CAD traded with losses. Meanwhile, EUR short covering reached its strongest weekly improvement since mid-April, shrinking by around 22.7K contracts to more than 36.3K.

In contrast, JPY positioning deteriorated despite speculators adding nearly 10.4K contracts to their net short positions. The Australian Dollar (AUD) saw a slight widening of its net shorts, while WTI net longs increased by almost 1.4K contracts amid a decent drop in oil prices.

The British Pound (GBP) and VIX positioning improved, with net positioning in GBP increasing by just over 10K contracts. Gold buying surged, with net longs going up by more than 21.1K contracts to around 243.3K, reaching an extreme exposure near the 99th percentile of its five-year range.