TREE NEWS reports: Citi has closed its recommendation to short USD/CAD, saying the hawkish stance delivered at the Federal Reserve’s September monetary policy meeting was more aggressive than expected. The bank advised exiting the trade following the meeting’s outcome.
Citi Exits Short USD/CAD Call After Hawkish Fed September Meeting
AI take
Citi's retreat is less about the loonie than about the Fed: a hawkish surprise invalidated the premise of a short-USD/CAD position, and the bank chose to cut rather than argue. It matters because it shows how quickly sell-side conviction on the dollar can reverse when policy language shifts, and it flags USD/CAD as a pair where positioning is now more sensitive to US rate expectations than to Canadian fundamentals. Whether other desks follow Citi out of similar dollar shorts is the open question.
Generated by AI for reference only.
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