<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>Chart 2: More investors are protecting themselves against the risk of further depreciation of the Canadian dollar</label>
    <description><![CDATA[Weekly data

Note: A negative (short) position will earn a profit if the value of the Canadian dollar depreciates over the life of the futures contract. A negative 3-month risk reversal indicates higher cost of protection against the downside risk compared with the upside risk in the Canadian dollar. CFTC is the Commodity Futures Trading Commission.

Sources: Bloomberg Finance L.P. and Bank of Canada calculations]]></description>
    <link>https://www.bankofcanada.ca/?p=244080</link>
</groupDetail>
<seriesDetail>
<series id="SAN_FONT20250113_C2_S1">
<label>CFTC non-commercial net positioning in Canadian dollar futures (left scale)</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
<series id="SAN_FONT20250113_C2_S2">
<label>3-month risk reversals (right scale)</label>
<description></description>
<dimension key="d" name="Date"/>
</series>
</seriesDetail>
<observations>
<o d="2023-01-03"><v s="SAN_FONT20250113_C2_S1">-26766.00</v><v s="SAN_FONT20250113_C2_S2">-1.105</v></o>
<o d="2023-01-10"><v s="SAN_FONT20250113_C2_S1">-30955.00</v><v s="SAN_FONT20250113_C2_S2">-0.863</v></o>
<o d="2023-01-17"><v s="SAN_FONT20250113_C2_S1">-27259.00</v><v s="SAN_FONT20250113_C2_S2">-0.690</v></o>
<o d="2023-01-24"><v s="SAN_FONT20250113_C2_S1">-30712.00</v><v s="SAN_FONT20250113_C2_S2">-0.670</v></o>
<o d="2023-01-31"><v s="SAN_FONT20250113_C2_S1">-30184.00</v><v s="SAN_FONT20250113_C2_S2">-0.805</v></o>
<o d="2023-02-07"><v s="SAN_FONT20250113_C2_S1">-33091.00</v><v s="SAN_FONT20250113_C2_S2">-0.988</v></o>
<o d="2023-02-14"><v s="SAN_FONT20250113_C2_S1">-35494.00</v><v s="SAN_FONT20250113_C2_S2">-0.935</v></o>
<o d="2023-02-21"><v s="SAN_FONT20250113_C2_S1">-37503.00</v><v s="SAN_FONT20250113_C2_S2">-0.845</v></o>
<o d="2023-02-28"><v s="SAN_FONT20250113_C2_S1">-36074.00</v><v s="SAN_FONT20250113_C2_S2">-0.820</v></o>
<o d="2023-03-07"><v s="SAN_FONT20250113_C2_S1">-29202.00</v><v s="SAN_FONT20250113_C2_S2">-0.758</v></o>
<o d="2023-03-14"><v s="SAN_FONT20250113_C2_S1">-31715.00</v><v s="SAN_FONT20250113_C2_S2">-0.840</v></o>
<o d="2023-03-21"><v s="SAN_FONT20250113_C2_S1">-56821.00</v><v s="SAN_FONT20250113_C2_S2">-0.853</v></o>
<o d="2023-03-28"><v s="SAN_FONT20250113_C2_S1">-56825.00</v><v s="SAN_FONT20250113_C2_S2">-0.745</v></o>
<o d="2023-04-04"><v s="SAN_FONT20250113_C2_S1">-58509.00</v><v s="SAN_FONT20250113_C2_S2">-0.620</v></o>
<o d="2023-04-11"><v s="SAN_FONT20250113_C2_S1">-56579.00</v><v s="SAN_FONT20250113_C2_S2">-0.635</v></o>
<o d="2023-04-18"><v s="SAN_FONT20250113_C2_S1">-46233.00</v><v s="SAN_FONT20250113_C2_S2">-0.528</v></o>
<o d="2023-04-25"><v s="SAN_FONT20250113_C2_S1">-43791.00</v><v s="SAN_FONT20250113_C2_S2">-0.610</v></o>
<o d="2023-05-02"><v s="SAN_FONT20250113_C2_S1">-50096.00</v><v s="SAN_FONT20250113_C2_S2">-0.670</v></o>
<o d="2023-05-09"><v s="SAN_FONT20250113_C2_S1">-42263.00</v><v s="SAN_FONT20250113_C2_S2">-0.578</v></o>
<o d="2023-05-16"><v s="SAN_FONT20250113_C2_S1">-42990.00</v><v s="SAN_FONT20250113_C2_S2">-0.645</v></o>
<o d="2023-05-23"><v s="SAN_FONT20250113_C2_S1">-48526.00</v><v s="SAN_FONT20250113_C2_S2">-0.580</v></o>
<o d="2023-05-30"><v s="SAN_FONT20250113_C2_S1">-29914.00</v><v s="SAN_FONT20250113_C2_S2">-0.650</v></o>
<o d="2023-06-06"><v s="SAN_FONT20250113_C2_S1">-38329.00</v><v s="SAN_FONT20250113_C2_S2">-0.543</v></o>
<o d="2023-06-13"><v s="SAN_FONT20250113_C2_S1">-36668.00</v><v s="SAN_FONT20250113_C2_S2">-0.475</v></o>
<o d="2023-06-20"><v s="SAN_FONT20250113_C2_S1">-33543.00</v><v s="SAN_FONT20250113_C2_S2">-0.403</v></o>
<o d="2023-06-27"><v s="SAN_FONT20250113_C2_S1">-2847.00</v><v s="SAN_FONT20250113_C2_S2">-0.435</v></o>
<o d="2023-07-04"><v s="SAN_FONT20250113_C2_S1">4527.00</v><v s="SAN_FONT20250113_C2_S2">-0.430</v></o>
<o d="2023-07-11"><v s="SAN_FONT20250113_C2_S1">4444.00</v><v s="SAN_FONT20250113_C2_S2">-0.465</v></o>
<o d="2023-07-18"><v s="SAN_FONT20250113_C2_S1">521.00</v><v s="SAN_FONT20250113_C2_S2">-0.415</v></o>
<o d="2023-07-25"><v s="SAN_FONT20250113_C2_S1">5530.00</v><v s="SAN_FONT20250113_C2_S2">-0.425</v></o>
<o d="2023-08-01"><v s="SAN_FONT20250113_C2_S1">6365.00</v><v s="SAN_FONT20250113_C2_S2">-0.435</v></o>
<o d="2023-08-08"><v s="SAN_FONT20250113_C2_S1">-623.00</v><v s="SAN_FONT20250113_C2_S2">-0.533</v></o>
<o d="2023-08-15"><v s="SAN_FONT20250113_C2_S1">-11411.00</v><v s="SAN_FONT20250113_C2_S2">-0.538</v></o>
<o d="2023-08-22"><v s="SAN_FONT20250113_C2_S1">-12070.00</v><v s="SAN_FONT20250113_C2_S2">-0.523</v></o>
<o d="2023-08-29"><v s="SAN_FONT20250113_C2_S1">-15761.00</v><v s="SAN_FONT20250113_C2_S2">-0.553</v></o>
<o d="2023-09-05"><v s="SAN_FONT20250113_C2_S1">-24963.00</v><v s="SAN_FONT20250113_C2_S2">-0.543</v></o>
<o d="2023-09-12"><v s="SAN_FONT20250113_C2_S1">-41883.00</v><v s="SAN_FONT20250113_C2_S2">-0.538</v></o>
<o d="2023-09-19"><v s="SAN_FONT20250113_C2_S1">-48027.00</v><v s="SAN_FONT20250113_C2_S2">-0.518</v></o>
<o d="2023-09-26"><v s="SAN_FONT20250113_C2_S1">-32696.00</v><v s="SAN_FONT20250113_C2_S2">-0.570</v></o>
<o d="2023-10-03"><v s="SAN_FONT20250113_C2_S1">-40151.00</v><v s="SAN_FONT20250113_C2_S2">-0.615</v></o>
<o d="2023-10-10"><v s="SAN_FONT20250113_C2_S1">-46489.00</v><v s="SAN_FONT20250113_C2_S2">-0.575</v></o>
<o d="2023-10-17"><v s="SAN_FONT20250113_C2_S1">-48539.00</v><v s="SAN_FONT20250113_C2_S2">-0.578</v></o>
<o d="2023-10-24"><v s="SAN_FONT20250113_C2_S1">-48639.00</v><v s="SAN_FONT20250113_C2_S2">-0.563</v></o>
<o d="2023-10-31"><v s="SAN_FONT20250113_C2_S1">-49332.00</v><v s="SAN_FONT20250113_C2_S2">-0.558</v></o>
<o d="2023-11-07"><v s="SAN_FONT20250113_C2_S1">-67721.00</v><v s="SAN_FONT20250113_C2_S2">-0.430</v></o>
<o d="2023-11-14"><v s="SAN_FONT20250113_C2_S1">-70403.00</v><v s="SAN_FONT20250113_C2_S2">-0.370</v></o>
<o d="2023-11-21"><v s="SAN_FONT20250113_C2_S1">-65440.00</v><v s="SAN_FONT20250113_C2_S2">-0.283</v></o>
<o d="2023-11-28"><v s="SAN_FONT20250113_C2_S1">-63242.00</v><v s="SAN_FONT20250113_C2_S2">-0.295</v></o>
<o d="2023-12-05"><v s="SAN_FONT20250113_C2_S1">-57848.00</v><v s="SAN_FONT20250113_C2_S2">-0.293</v></o>
<o d="2023-12-12"><v s="SAN_FONT20250113_C2_S1">-55245.00</v><v s="SAN_FONT20250113_C2_S2">-0.305</v></o>
<o d="2023-12-19"><v s="SAN_FONT20250113_C2_S1">-54333.00</v><v s="SAN_FONT20250113_C2_S2">-0.285</v></o>
<o d="2023-12-26"><v s="SAN_FONT20250113_C2_S1">-34721.00</v><v s="SAN_FONT20250113_C2_S2">-0.235</v></o>
<o d="2024-01-02"><v s="SAN_FONT20250113_C2_S1">-21131.00</v><v s="SAN_FONT20250113_C2_S2">-0.323</v></o>
<o d="2024-01-09"><v s="SAN_FONT20250113_C2_S1">-7380.00</v><v s="SAN_FONT20250113_C2_S2">-0.360</v></o>
<o d="2024-01-16"><v s="SAN_FONT20250113_C2_S1">-13388.00</v><v s="SAN_FONT20250113_C2_S2">-0.343</v></o>
<o d="2024-01-23"><v s="SAN_FONT20250113_C2_S1">-8451.00</v><v s="SAN_FONT20250113_C2_S2">-0.338</v></o>
<o d="2024-01-30"><v s="SAN_FONT20250113_C2_S1">-2388.00</v><v s="SAN_FONT20250113_C2_S2">-0.278</v></o>
<o d="2024-02-06"><v s="SAN_FONT20250113_C2_S1">-7736.00</v><v s="SAN_FONT20250113_C2_S2">-0.263</v></o>
<o d="2024-02-13"><v s="SAN_FONT20250113_C2_S1">-5482.00</v><v s="SAN_FONT20250113_C2_S2">-0.268</v></o>
<o d="2024-02-20"><v s="SAN_FONT20250113_C2_S1">-863.00</v><v s="SAN_FONT20250113_C2_S2">-0.218</v></o>
<o d="2024-02-27"><v s="SAN_FONT20250113_C2_S1">-1378.00</v><v s="SAN_FONT20250113_C2_S2">-0.220</v></o>
<o d="2024-03-05"><v s="SAN_FONT20250113_C2_S1">-19837.00</v><v s="SAN_FONT20250113_C2_S2">-0.308</v></o>
<o d="2024-03-12"><v s="SAN_FONT20250113_C2_S1">-30874.00</v><v s="SAN_FONT20250113_C2_S2">-0.250</v></o>
<o d="2024-03-19"><v s="SAN_FONT20250113_C2_S1">-37148.00</v><v s="SAN_FONT20250113_C2_S2">-0.283</v></o>
<o d="2024-03-26"><v s="SAN_FONT20250113_C2_S1">-50290.00</v><v s="SAN_FONT20250113_C2_S2">-0.328</v></o>
<o d="2024-04-02"><v s="SAN_FONT20250113_C2_S1">-51223.00</v><v s="SAN_FONT20250113_C2_S2">-0.383</v></o>
<o d="2024-04-09"><v s="SAN_FONT20250113_C2_S1">-53385.00</v><v s="SAN_FONT20250113_C2_S2">-0.503</v></o>
<o d="2024-04-16"><v s="SAN_FONT20250113_C2_S1">-82815.00</v><v s="SAN_FONT20250113_C2_S2">-0.743</v></o>
<o d="2024-04-23"><v s="SAN_FONT20250113_C2_S1">-76450.00</v><v s="SAN_FONT20250113_C2_S2">-0.545</v></o>
<o d="2024-04-30"><v s="SAN_FONT20250113_C2_S1">-63201.00</v><v s="SAN_FONT20250113_C2_S2">-0.493</v></o>
<o d="2024-05-07"><v s="SAN_FONT20250113_C2_S1">-69221.00</v><v s="SAN_FONT20250113_C2_S2">-0.390</v></o>
<o d="2024-05-14"><v s="SAN_FONT20250113_C2_S1">-80303.00</v><v s="SAN_FONT20250113_C2_S2">-0.368</v></o>
<o d="2024-05-21"><v s="SAN_FONT20250113_C2_S1">-90824.00</v><v s="SAN_FONT20250113_C2_S2">-0.313</v></o>
<o d="2024-05-28"><v s="SAN_FONT20250113_C2_S1">-86585.00</v><v s="SAN_FONT20250113_C2_S2">-0.343</v></o>
<o d="2024-06-04"><v s="SAN_FONT20250113_C2_S1">-91639.00</v><v s="SAN_FONT20250113_C2_S2">-0.413</v></o>
<o d="2024-06-11"><v s="SAN_FONT20250113_C2_S1">-129493.00</v><v s="SAN_FONT20250113_C2_S2">-0.433</v></o>
<o d="2024-06-18"><v s="SAN_FONT20250113_C2_S1">-147931.00</v><v s="SAN_FONT20250113_C2_S2">-0.485</v></o>
<o d="2024-06-25"><v s="SAN_FONT20250113_C2_S1">-122412.00</v><v s="SAN_FONT20250113_C2_S2">-0.445</v></o>
<o d="2024-07-02"><v s="SAN_FONT20250113_C2_S1">-120352.00</v><v s="SAN_FONT20250113_C2_S2">-0.468</v></o>
<o d="2024-07-09"><v s="SAN_FONT20250113_C2_S1">-111212.00</v><v s="SAN_FONT20250113_C2_S2">-0.368</v></o>
<o d="2024-07-16"><v s="SAN_FONT20250113_C2_S1">-132473.00</v><v s="SAN_FONT20250113_C2_S2">-0.388</v></o>
<o d="2024-07-23"><v s="SAN_FONT20250113_C2_S1">-161603.00</v><v s="SAN_FONT20250113_C2_S2">-0.463</v></o>
<o d="2024-07-30"><v s="SAN_FONT20250113_C2_S1">-196263.00</v><v s="SAN_FONT20250113_C2_S2">-0.438</v></o>
<o d="2024-08-06"><v s="SAN_FONT20250113_C2_S1">-181632.00</v><v s="SAN_FONT20250113_C2_S2">-0.595</v></o>
<o d="2024-08-13"><v s="SAN_FONT20250113_C2_S1">-179611.00</v><v s="SAN_FONT20250113_C2_S2">-0.510</v></o>
<o d="2024-08-20"><v s="SAN_FONT20250113_C2_S1">-164410.00</v><v s="SAN_FONT20250113_C2_S2">-0.393</v></o>
<o d="2024-08-27"><v s="SAN_FONT20250113_C2_S1">-110002.00</v><v s="SAN_FONT20250113_C2_S2">-0.218</v></o>
<o d="2024-09-03"><v s="SAN_FONT20250113_C2_S1">-68544.00</v><v s="SAN_FONT20250113_C2_S2">-0.243</v></o>
<o d="2024-09-10"><v s="SAN_FONT20250113_C2_S1">-68953.00</v><v s="SAN_FONT20250113_C2_S2">-0.323</v></o>
<o d="2024-09-17"><v s="SAN_FONT20250113_C2_S1">-73150.00</v><v s="SAN_FONT20250113_C2_S2">-0.308</v></o>
<o d="2024-09-24"><v s="SAN_FONT20250113_C2_S1">-65589.00</v><v s="SAN_FONT20250113_C2_S2">-0.203</v></o>
<o d="2024-10-01"><v s="SAN_FONT20250113_C2_S1">-70003.00</v><v s="SAN_FONT20250113_C2_S2">-0.255</v></o>
<o d="2024-10-08"><v s="SAN_FONT20250113_C2_S1">-89151.00</v><v s="SAN_FONT20250113_C2_S2">-0.358</v></o>
<o d="2024-10-15"><v s="SAN_FONT20250113_C2_S1">-122393.00</v><v s="SAN_FONT20250113_C2_S2">-0.335</v></o>
<o d="2024-10-22"><v s="SAN_FONT20250113_C2_S1">-140631.00</v><v s="SAN_FONT20250113_C2_S2">-0.435</v></o>
<o d="2024-10-29"><v s="SAN_FONT20250113_C2_S1">-167499.00</v><v s="SAN_FONT20250113_C2_S2">-0.583</v></o>
<o d="2024-11-05"><v s="SAN_FONT20250113_C2_S1">-175229.00</v><v s="SAN_FONT20250113_C2_S2">-0.538</v></o>
<o d="2024-11-12"><v s="SAN_FONT20250113_C2_S1">-182389.00</v><v s="SAN_FONT20250113_C2_S2">-0.563</v></o>
<o d="2024-11-19"><v s="SAN_FONT20250113_C2_S1">-183566.00</v><v s="SAN_FONT20250113_C2_S2">-0.690</v></o>
<o d="2024-11-26"><v s="SAN_FONT20250113_C2_S1">-154002.00</v><v s="SAN_FONT20250113_C2_S2">-0.943</v></o>
<o d="2024-12-03"><v s="SAN_FONT20250113_C2_S1">-158926.00</v><v s="SAN_FONT20250113_C2_S2">-0.880</v></o>
<o d="2024-12-10"><v s="SAN_FONT20250113_C2_S1">-180749.00</v><v s="SAN_FONT20250113_C2_S2">-0.773</v></o>
<o d="2024-12-17"><v s="SAN_FONT20250113_C2_S1">-180530.00</v><v s="SAN_FONT20250113_C2_S2">-0.918</v></o>
<o d="2024-12-24"><v s="SAN_FONT20250113_C2_S1">-174463.00</v><v s="SAN_FONT20250113_C2_S2">-1.093</v></o>
<o d="2024-12-31"><v s="SAN_FONT20250113_C2_S1">-173070.00</v><v s="SAN_FONT20250113_C2_S2">-1.053</v></o>
<o d="2025-01-07"><v s="SAN_FONT20250113_C2_S1">-178843.00</v><v s="SAN_FONT20250113_C2_S2">-0.885</v></o>
<o d="2025-01-14"><v s="SAN_FONT20250113_C2_S1">-167747.00</v><v s="SAN_FONT20250113_C2_S2">-0.985</v></o>
<o d="2025-01-21"><v s="SAN_FONT20250113_C2_S1">-151352.00</v><v s="SAN_FONT20250113_C2_S2">-1.343</v></o>
</observations>
</data>