CAD review

The Canadian Dollar was impacted from different factors which pulled it in different directions. Crude Oil prices surged higher by over 1.5 percent, on Tuesday, sending the Canadian Dollar higher. 

The weakness of the US Dollar in global market in the wake of a sell-off in the bond markets also weighed in on the Canadian Dollar. The Canadian Government raised C$755.4 million in a spectrum auction which is set to boost telecom coverage in rural areas. 

The strength of the Canadian Dollar in recent weeks has unnerved speculators, which is reflected in data from CFTC which showed speculators cutting their short Canadian Dollar positions by half to $835 million.