As suggested in the CFTC Commitments of Traders report in the week ended April 20, NET LENGTH for CAD futures soared +10 840 contracts to 13 246 contracts, compared with 2 406 contracts a week ago. Speculative longs increased while shorts dropped during the week. A hawkish BOC is a key reason for the sharp increase in net length. Besides tapering the QE program, the members now project that the spare capacity could be fully absorbed “some time in the second half of 2022”, compared with 2023 previously. NET LENGTH of USD index futures fell -2 435 contracts to 3 518. Speculative long positions dropped -1 972 contracts while shorts added +463 contracts. Concerning European currencies, NET LENGTH in EUR futures jumped +13 957 contracts to 80 808. NET LENGTH of GBP futures decreased -412 contract to 25 178.
On safe-haven currencies, CHF futures drifted to NET SHORT of 2 499 contracts while NET SHORT of JPY futures increased +1 507 contracts 59 819. Concerning commodity currencies, AUD futures drifted to NT SHORT of 1 806 contracts. Separately, NZD futures’ NET LENGTH gained +1 802 contracts to 4 322 during the week.