CIBC World Markets says it's maintaining a negative bias on AUD/CAD, particularly in light of the publication of minutes from the Reserve Bank of Australia tonight. That's despite the fact AUD/CAD has reversed away from its 200-day moving average at 1.0313 last week. The pair touched monthly low of 1.0327 on Friday and has since recovered to current trading levels around 1.0369, according to CQG. CIBC notes that net long positioning in CAD futures among speculative traders has been pared for eight straight weeks, while net AUD longs recently extended above those in the CAD for the first time in nearly three months.
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