Bears Drive Canadian Dollar Shorts to a Record High

The Bank of Canada’s nod to an improving economy on Wednesday clashed with the view in the foreign-exchange market amid lower oil prices and potential U.S. rate hikes. Net short positions in the Canadian dollar versus the greenback are at an all-time high going back more than two decades. This picture “keeps CAD shorts up at night,” according to Jefferies LLC analyst Brad Bechtel.

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