Senior currency strategist Neil Mellor of BNY Mellon Global Markets expects CAD to increase in demand and touts it as “one of the market’s favored currencies” moving forward. In short term he is of the view that CAD looks to be a victim of its own success.
CFTC commitment of traders report shows a record high speculative
long position in the CAD. For the time being he prefers to remain on side lines and to wait for momentum to build on either side.
Complete report from theglobeandmail [here].
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