External broker reports(aggregated public sources), Scotiabank

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External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The CAD is ending the week with a minor 0.2% gain, having faded the bulk of its early strength in the aftermath of Wednesday’s dual Fed/BoC decisions.</li><li>Communication from both central banks was cautiously dovish, with Fed Chair Powell Characterizing the 25bpt cut as a ‘risk management’ adjustment.</li><li>For Canada, Gov. Macklem was evasive in terms of his outlook and offered no guidance on rates as he acknowledged Canada’s troubling economic situation and a worrisome lack of solutions to the country’s long-term challenges. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The CAD is ending the week with a minor 0.2% gain, having faded the bulk of its early strength in the aftermath of Wednesday’s dual Fed/BoC decisions.Communication from both central banks was cautiously dovish, with Fed Chair Powell Characterizing the 25bpt cut as a ‘risk management’ adjustment.For Canada, Gov. Macklem was evasive in terms of his outlook and offered no guidance on rates as he acknowledged Canada’s troubling economic situation and a worrisome lack of solutions to the country’s long-term challenges. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CAD Weekly - CAD Takes A Bearish U-Turn On BoC/Fed

<ul><li>The CAD is rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10 performance table for the holiday-affected week.</li><li>The CAD’s performance reflects at least in part its snappy rebound from last Friday’s late drop as trade talks quickly got back on track after President Trump abruptly halted negotiations.</li><li>The CAD also recovered quickly from losses seen on Thursday around the release of the US NFP data. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The CAD is rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10 performance table for the holiday-affected week.The CAD’s performance reflects at least in part its snappy rebound from last Friday’s late drop as trade talks quickly got back on track after President Trump abruptly halted negotiations.The CAD also recovered quickly from losses seen on Thursday around the release of the US NFP data. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CAD Weekly Outlook - CAD Grinds out Gains Despite Volatility

<ul><li>The aggregate USD position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.</li><li>The June 17 position date incorporated the latest BoJ policy decision and the most recent US CPI report.</li><li>The largest w/w swing was observed for the CAD, with notable improvements in EUR and NZD as well. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The aggregate USD position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.The June 17 position date incorporated the latest BoJ policy decision and the most recent US CPI report.The largest w/w swing was observed for the CAD, with notable improvements in EUR and NZD as well. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bearish CAD Position Narrows As Aggregate USD Short Builds

<ul><li>The aggregate bearish USD position widened a meaningful $3.7bn w/w to $15.9bn, pushing back toward the extended bearish levels observed in late April and early May.</li><li>The renewed deterioration in USD sentiment reflected market participants’ positioning in the aftermath of the payrolls disappointment but did not capture the CPI disappointment released after the June 10 reporting date.</li><li>The w/w deterioration was driven by positive adjustments to the EUR, GBP, and CAD positions, along with a modestly positive adjustment for CHF as well.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The aggregate bearish USD position widened a meaningful $3.7bn w/w to $15.9bn, pushing back toward the extended bearish levels observed in late April and early May.The renewed deterioration in USD sentiment reflected market participants’ positioning in the aftermath of the payrolls disappointment but did not capture the CPI disappointment released after the June 10 reporting date.The w/w deterioration was driven by positive adjustments to the EUR, GBP, and CAD positions, along with a modestly positive adjustment for CHF as well.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CFTC Weekly Sentiment Report - EUR Overtakes JPY as Largest Held Net Long; CAD Short Narrows

<ul><li>The CAD is trading at its best level against the USD since last October and looks to be closing rapidly on the late-2024 low for spot around 1.34 that held just prior to the start of the USD’s rapid move up to its peak just under 1.48 in February.</li><li>The weak USD undertone explains much of the CAD’s recent improvement.</li><li>The soft USD trend reflects the erosion in “US exceptionalism” rooted in the softer US growth outlook and the relative underperformance in US risk assets this year amid tariff headwinds, investor concerns about weak US fiscal policy and, as a result of these factors, a reappraisal of investor exposure to the USD and USD-denominated assets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The CAD is trading at its best level against the USD since last October and looks to be closing rapidly on the late-2024 low for spot around 1.34 that held just prior to the start of the USD’s rapid move up to its peak just under 1.48 in February.The weak USD undertone explains much of the CAD’s recent improvement.The soft USD trend reflects the erosion in “US exceptionalism” rooted in the softer US growth outlook and the relative underperformance in US risk assets this year amid tariff headwinds, investor concerns about weak US fiscal policy and, as a result of these factors, a reappraisal of investor exposure to the USD and USD-denominated assets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - CAD Gets a Modest Tailwind from Commodities

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

CAD Weekly - CAD Takes A Bearish U-Turn On BoC/Fed

The CAD is ending the week with a minor 0.2% gain, having faded the bulk of its early strength in the aftermath of Wednesday’s dual Fed/BoC decisions.

Scotiabank

CAD Weekly Outlook - CAD Grinds out Gains Despite Volatility

The CAD is rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10...

Scotiabank

Bearish CAD Position Narrows As Aggregate USD Short Builds

The aggregate USD position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.

Scotiabank

CFTC Weekly Sentiment Report - EUR Overtakes JPY as Largest Held Net Long; CAD Short Narrows

The aggregate bearish USD position widened a meaningful $3.7bn w/w to $15.9bn, pushing back toward the extended bearish levels observed in late...

Scotiabank

FX Snapshot - CAD Gets a Modest Tailwind from Commodities

The soft USD trend reflects the erosion in “US exceptionalism” rooted in the softer US growth outlook and the relative underperformance in US risk...

Scotiabank

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