The Hedgers' Ledger — 2026-08-01

The report dated 2026-07-28 shows commercial hedgers pressed to a three-year positioning high in three markets — Euro FX and Canadian Dollar fresh to that register this week, the 10-Year T-Note already established there — with no market at the opposite extreme among the entries tracked here. The lean is one-sided, and the broader board carries additional extremes this issue does not detail. Three highs, no lows, and two of them newly arrived: that is not a crowded tape on both sides of the ledger — it is a tape that has chosen a direction, at least for now, and the sitting will tell us whether it holds.

Market	Side	Percentile	New
Euro FX	▲ HIGH	99th	New
10-Year U.S. T-Note	▲ HIGH	96th
Canadian Dollar	▲ HIGH	96th	New

---

Euro FX — commercials at a 3-year HIGH

Commercial Net sits at the 99th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +51,714 contracts (as of 2026-07-28). New this week.

---

10-Year U.S. T-Note — commercials at a 3-year HIGH

Commercial Net sits at the 96th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +890,267 contracts (as of 2026-07-28).

---

Canadian Dollar — commercials at a 3-year HIGH

Commercial Net sits at the 96th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +189,021 contracts (as of 2026-07-28). New this week.