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Latest Oil Price Drop Drags Canadian Dollar To 14-Month Low

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Posted by OilPrice.com

on Thursday, 04 May 2017 08:03

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The Canadian dollar dropped against the U.S. dollar to a 14-month low on Tuesday as the lower oil prices earlier this week added to the downside for the currency of Canada, whose key export commodity is oil.

Oil prices fell on Monday and Tuesday as hedge funds and money managers started to cut bullish positions in a reaction to quickly growing supply. At 3:40pm EST on Tuesday, WTI was trading down over 2 percent on the day, well below the US$50 mark at US$47.59. Brent Crude was trading at US$50.38. Brent Crude hit a low early on Tuesday of US$50.14—the lowest point this year.



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Currency

2 Extremely Crowded Currency Trades

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Posted by Movement Capital via Seeking Alpha

on Wednesday, 03 May 2017 07:30

Summary

Bonds: Traders are betting on a steeper Treasury yield curve. They're short the 30-year bond and long the 5-year.

Commodities: Hedgers are extremely long cocoa and short feeder cattle. Speculators have ramped up their long exposure to gold since March. They're also extremely short soybeans.

Currencies: Traders are betting on a stronger AUD/USD and MXN/USD. We saw some fairly aggressive short covering in GBP/USD last week.

Stocks: Money managers are still less bullish on the Nasdaq vs. the Dow. Traders covered a few VIX shorts last week.

Note: My approach for analyzing CoT data to reveal how different types of traders are positioned in the futures markets is outlined here. If you missed it, give the article a read to see the method behind my analysis. All data and images in this article come from my website.

This article outlines how traders are positioned and how that positioning has recently changed. I break down the updates by asset class, so let's get started.

Bonds

Traders covered shorts in 30-year bond (NYSEARCA:TLT) futures last week. Overall though, they still have a significant short bias.

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....continue reading HERE



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Currency

Forex Trading Alert: USD/CAD – Invalidation of Breakout or Further Rally?

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Posted by Nadia Simmons & Przemyslaw Radomski - Sunshine Profitsadia Simmons - Sunshine Profitsski - Sunshine Profitsadia Simmons - Sunshine Profits

on Thursday, 27 April 2017 15:16

Sent to subscribers on April 27, 2017, 7:22 AM.

Earlier today, the greenback moved lower against the Canadian dollar, which pushed USD/CAD below the December high and the previously-broken resistance zone. Is it enough to trigger further deterioration?

In our opinion the following forex trading positions are justified - summary:

EUR/USD

2017-0-27-EURUSDWeekly



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Currency

USDCAD Elliott Wave View: Ending Impulse

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Posted by Elliottwave-Forecast.com

on Tuesday, 25 April 2017 07:08

Short term Elliott Wave view in USDCAD suggest the decline to 1.322 ended Intermediate wave (X). Up from there, the pair is showing 5 waves impulse structure where Minutte wave (i) ended at 1.3338, Minutte wave (ii) ended at 1.3258, Minutte wave (iii) ended at 1.3525, and Minutte wave (iv) ended at 1.3406. Near term focus is on 1.3596 - 1.364 area to complete Minutte wave (v) and also Minute wave ((a)). The next push higher towards above target should end the cycle from 4/13 low, after which the pair should pullback in Minute wave ((b)) in 3, 7, or 11 swing to correct cycle from 4/13 low before turning higher again. We don't like selling the proposed pullback and expect buyers to appear again once Minute wave ((b)) pullback is complete in 3, 7, or 11 swing provided that pivot at 1.322 low remains intact.


USDCAD 1-Hour Elliott Wave Chart


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Currency

Shorting Euro today…cautiously…

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Posted by Jack Crooks - Currency Currents

on Thursday, 20 April 2017 13:51

Quotable

“Come what may, all bad fortune is to be conquered by endurance.”  --Virgil

Commentary & Analysis

Shorting Euro today…cautiously…

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Clarity in the currency markets of late has been cloudy at best.  The competing rationales continue to be: 1) End of the Trump reflation trade and therefore the US dollar has peaked: or 2) It wasn’t necessarily the reflation trade (which still may be on but delayed) but the rising US yield differential supporting the dollar on the back of three Fed hikes in 2017 which was the driver anyway. 

Some news from today and yesterday gave us a bit more confidence in our Wave chart setup….

This headline story from Reuters, coupled with some data that suggest a decline in US growth momentum supports the dollar bearish view (or the euro bullish view):

  • WASHINGTON, April 20 (Reuters) - Dallas Federal Reserve President Robert Kaplan said on Thursday that three interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds. "The median for three rate increases this year...is still a good baseline. If the economy develops a little more slowly, then we can do less than that and if the economy is a little stronger, we can do more than that," he said in an interview with Bloomberg TV.

Yesterday’s inflation data out of the Eurozone likely plays into ECB rate expectations:



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