EUR/CAD: Lopsided Short Positioning May Hint At A Bullish Reversal – Investing.com

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EUR/CAD: Lopsided Short Positioning May Hint At A Bullish Reversal – Investing.com

As my colleague Joe Perry noted in his Currency Pair of the Week article, the has been on an absolute tear of late, with the ongoing rally in the price of , Canada’s most important export, and more recently, Friday’s strong Canadian pushing the loonie to test multi-year highs against a number of its major rivals.

Keying in on the cross, our traders have certainly taken notice: According to our internal data, a staggering 91% of outstanding volume short the pair across StoneX Retail platforms. As the chart below shows, the lopsided positioning has paid off in recent weeks, with EUR/CAD shedding more than 700 pips from its peak near 1.5100 to yesterday’s low below 1.4400 in the last three weeks alone; this marks the sharpest 3-week fall in half a decade!

Source: TradingView, StoneX

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