Speculators have cut their bullish bets on the Canadian dollar. Read on
U.S. benchmark 10-year yields hit their highest in over a decade, while shares globally slipped and the U.S. dollar firmed as investors bet that the Fed would deliver another 75-basis-points rate hike on Wednesday to tackle soaring inflation.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The Canadian dollar was trading 0.5 per cent lower at $1.3330 per U.S. dollar, or 75.02 U.S. cents, after touching its weakest level since November 2020 at $1.3344. Speculators have cut their bullish bets on the Canadian dollar to the lowest in eight weeks, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Sept. 13, net long positions had fallen to 12,425 contracts from 17,910 in the prior week.
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