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7 May | Other

Traders optimistic about Canadian dollar following Carney-Trump talks

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GBPCAD
EURCAD
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Traders optimistic about Canadian dollar following Carney-Trump talks

Derivatives traders are the most bullish on the Canadian dollar in 15 years. The optimism spiked after Canadian Prime Minister Mark Carney met with US President Donald Trump, according to Bloomberg.

One-month risk reversals on the Canadian dollar have jumped over eight basis points, hitting its highest level against its US counterpart since late 2009.

During negotiations at the White House, Carney defended Canada's sovereignty while Trump reaffirmed he would dictate tariff levels for US trading partners, Bloomberg reports. The loonie rallied to a fresh high of 1.3749 against the greenback. Some strategists suggest the positive sentiment on the Canadian dollar could squeeze short positions held by hedge funds in the derivatives market.

Elizaveta Kuzmicheva MarketCheese

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