Canadian dollar COT report
This page tracks speculative positioning in CME Canadian Dollar futures: the latest net position, the weekly change, the long-short split and where the reading sits within stored history. The loonie's fortunes are tied to oil and to the Bank of Canada's race with the Fed, and the positioning shows both.
01 —— Latest positioning
02 —— Weekly history
The contract: Canadian Dollar futures (6C)
The 6C contract on the CME prices the Canadian dollar in US cents. Non-commercial positioning in 6C is the standard read on how funds are betting on the loonie, and it tends to move in longer, smoother trends than sterling or yen positioning — the Canadian story changes more slowly.
The contract is liquid enough to trust but small enough that commodity-driven flows show up clearly. When oil rallies hard, you can often see the net long build in 6C within a couple of weekly reports.
What drives speculative loonie positioning
Oil is the driver everyone watches, and for good reason: Canada is a major crude exporter, and the terms-of-trade channel from crude prices to the Canadian dollar is well established. A sustained oil rally pulls speculators long 6C; a sustained slump pushes them short.
The second driver is the Bank of Canada relative to the Federal Reserve. The two economies are deeply linked, so positioning often reflects the expected policy gap: when the BoC is seen holding while the Fed cuts, the loonie attracts longs; when Canada looks relatively weaker, the shorts build.
Reading 6C against USDCAD — the inversion
One mechanical point matters here: currency futures are quoted in US dollars per unit of the foreign currency. A net long position in this contract is therefore a bet on the foreign currency against the dollar — for pairs quoted the other way (USDJPY, USDCHF, USDCAD) a net long futures position means a bearish lean on the pair, and a net short position means a bullish lean. The table above applies that flip for you.
A practical example: a deepening net short in Canadian dollar futures means speculators expect the loonie to fall, which is a bullish lean on USDCAD. A growing net long is a bearish USDCAD lean.
How StraviaX uses loonie positioning
Canadian dollar COT feeds the conviction layer on USDCAD and the CAD crosses, with the inversion applied automatically. Oil-driven positioning moves are read alongside the macro inputs rather than over them, and positioning never moves the headline score.
How StraviaX calculates this
The figures come from the CFTC Commitments of Traders report, non-commercial (speculative) positions in the listed futures contract. The data is as of Tuesday and published on Friday; this page shows both dates and flags the data as delayed when the latest report is more than ten days old.
The range position compares the current net position only with the history StraviaX has stored (since January 2026; gold since May 2026). It is labelled honestly — "within its range since January 2026" — and is never described as a one-year or three-year extreme until the stored history covers that span.
Inside StraviaX, COT positioning shapes the conviction label on a pair read. It never drives the headline macro score, which is built from rates, growth, inflation, spending, labour data and data surprises.
Frequently asked questions
What is the Canadian dollar COT report?
The CFTC's weekly positioning data for CME Canadian Dollar futures. This page shows the speculative net position, its weekly change and its place in stored history.
Does net long 6C mean bullish USDCAD?
No — the opposite. The futures are priced in US dollars per Canadian dollar, so net long 6C means speculators expect the loonie to rise, a bearish lean on USDCAD. Net short 6C is a bullish USDCAD lean.
How closely does loonie positioning follow oil?
Closely over weeks and months, loosely day to day. Sustained crude moves show up in 6C positioning within a report or two; short-term oil noise often does not.
When is Canadian dollar COT data released?
Every Friday, as of the previous Tuesday. The page shows both dates and flags the data if the latest report is more than ten days old.
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For information only, not investment advice. See the disclaimer.