J.P.Morgan's latest European bond investor client survey reveals that “multi-currency European real money investors significantly decreased their long duration exposure in EGBs since the last survey (from +0.18 to +0.12 years). This is below the average observed since the beginning of ‘24 (+0.17 years)”.
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USDCAD is trading closer to last week’s lows. For now, the latest move down appears corrective and the primary uptrend remains intact. The Feb 3 cycle high reinforces and strengthens bullish conditions. The break higher confirmed a resumption of the uptrend and opens 1.4814 next, the Apr 2003 high. Key support to watch lies at 1.4261, the Jan 20 low. A clear breach of this level would alter the picture and signal a reversal.