Report published August 17, 2026
Scotiabank FX Sentiment Report: Net USD Long Steady, Net Gold Longs Jump Again
Source and citation context
- Issuer
- Scotiabank
- Report date
- August 17, 2026
- Analysis as of
- August 11, 2026
Authors / editors: Shaun Osborne, Eric Theoret
Finvaulta summarizes Scotiabank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Speculative positioning in major FX remained largely unchanged in the week ending August 11th, leaving aggregate USD long exposure elevated and vulnerable to a squeeze. Meanwhile, net speculative gold longs jumped another USD 14.7bn to reach USD 95.24bn, highlighting skepticism around inflation policies and adding pressure on the USD.
Key Takeaways
- 1.Aggregate speculative USD long positioning held steady, declining by a modest USD 382mn to USD 36.81bn, but remaining near elevated levels prone to a squeeze.
- 2.Speculative net gold long positions expanded sharply by USD 14.7bn to USD 95.24bn (+23% over 3 months), reflecting market skepticism regarding inflation-fighting rhetoric.
- 3.Individual currency positioning shifts were muted: net AUD and EUR shorts increased slightly, net JPY and CAD shorts were trimmed, and net MXN longs expanded marginally.
Table of Contents
- Net USD Long Steady, Net Gold Longs Jump Again
- CAD — NON-COMMERCIAL POSITIONING
Report data
Sentiment Table - Speculative Positions (as of 11-Aug) — as of August 11, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Total USD Speculative Position (ex. Gold) | 36811.0 USD millions | Aggregate non-commercial speculative USD long position excluding gold. |
| Net Gold Speculative Position | 95242.0 USD millions | Net non-commercial speculative positioning in gold contracts. |
| CAD Speculative Net Position | -12451.0 USD millions | Non-commercial speculative net position in Canadian Dollar contracts. |
| CAD Speculative Net Contracts | -173362.0 contracts of 100,000 CAD | Net non-commercial open contracts for CAD. |
Reports in this series
FX Sentiment Report is shown in chronological order through this edition, published on August 17, 2026.
Part of the FX Sentiment Report series — view all 6 editions
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Authors / Editors
Reported Data Context
- Total USD Speculative Position (ex. Gold): 36811.0 USD millions (2026-08-11) · Source: CFTC, Macrobond, Scotiabank FICC Strategy
- Net Gold Speculative Position: 95242.0 USD millions (2026-08-11) · Source: CFTC, Macrobond, Scotiabank FICC Strategy
- CAD Speculative Net Position: -12451.0 USD millions (2026-08-11) · Source: CFTC, Macrobond, Scotiabank FICC Strategy
- CAD Speculative Net Contracts: -173362.0 contracts of 100,000 CAD (2026-08-11) · Source: CFTC, Macrobond, Scotiabank FICC Strategy