🧮IMM Positioning: CAD Turns Net Long, GBP Flat, JPY Stretched Short

**As seen in IMM Positioning report 01/23/2022, subscribe at cablefxm.co.uk/reports

• This week, we saw % of open interest jump in GBP and CAD, the former reports non-commercial positioning close to neutral while the CAD has turned long at 5.2% of OI. Both pound and loonie % of OI now stand above their respective 5-year averages. The CHF and JPY fell the most, the latter is now below its one standard deviation band with a % of OI at -40%, this means the yen short positioning is now stretched.

• Net dollar non-commercial positioning (DXY) was reduced for second consecutive week, the latest figure from the CFTC COT shows net longs at 36,434 vs prev. 37,892. % of open interest ticked higher to 68.4%, close to the 2021 highs of 68.8%. Looking at a five-year history of % of OI, the latest figure would stand above its one-standard deviation band, meaning futures positioning room for more longs is stretched.