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This chart helps explain the abrupt shift to bearishness on the loonie Add to ...

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The swing of record proportions in global investor sentiment toward the Canadian dollar last week – from bullish to bearish – may be best explained by similar patterns in crude futures markets.

In a report released Friday, Scotia’s chief foreign exchange strategist Shaun Osborne wrote, “the recent accumulation of net CAD longs (despite weak CAD price action) suddenly – and for little obvious reason – switched to a large net CAD short as gross longs threw in the towel… We believe this to be the largest week/week swing (equating to around 46k contracts) in net CAD positioning ever.”

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