USD/CAD Looks Set For A Corrective Bounce Before Losses Resume

While we retain our core bearish view, a few indications point towards a corrective bounce before the dominant trend resumes.

Net-short exposure on CAD futures was reduced by -23.3k contracts and gross shorts were closed at their fastest rate since July 2017. And this is after traders spent most of the year so far subtly reducing short exposure. As the USD is retreating from highs after net-long exposure hit relatively high levels which, we retain our core view that the tide on is indeed turning in favour of the bear-camp. However, over the near-term the technicals favour a corrective bounce before losses resume.

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