Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes CFTC data, highlighting the Canadian Dollar as an attractive currency.

Long EUR/USD may be a frustrating ride

“There isn’t much wrong with being a Dollar bear – relative monetary policy prospects and the high historic Dollar valuation are both going to help – but long EUR/USD (in spot) may be a frustrating ride as positioning causes frequent pullbacks.”

“The speculative market’s still short GBP and CHF, so maybe those are better bets, though the extent of divergence from the EUR/USD trend will be limited. For those who want to buy a currency which is properly unloved, the CFTC data point towards the CAD.”