Folks Are Bullish As Hell On These Currencies

Listen: some folks are bullish as hell on commodity currencies. Maybe you noticed. There are a variety of factors at play here, but you'll note the following: the outlook for crude has brightened materially since late June; the Canadians squeezed in a rate hike and that was followed by a blockbuster GDP print that seemed to confirm Poloz hadn't made a policy mistake (at least not in the short-term); the RBA is having an extremely difficult time convincing the market that they're concerned