Since Fed Chairman Bernanke highlighted the prospects of Fed “tapering” during his testimony on May 22 commodity currencies have performed poorly. The notable exception has been the CAD which has eked out gains over recent weeks.
Like GBP, the CAD has been helped by relatively positive data releases, which in turn have prompted growing expectations of policy rates hikes from the Bank of Canada.
Market positioning in CAD remains relatively short, suggesting more scope for gains against other commodity currencies over coming weeks. Meanwhile, data this week including May CPI and April retail sales will be scrutinized for clues as to the next move from the BoC and in turn whether gains in CAD are justified.
Read More: http://www.efxnews.com/story/19313/scope-more-cad-gains-vs-other-commodity-currencies-near-term
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