The following are the key takeaways from this week’s COT report as provided by Scotiabank. (Data in this report cover up to Tuesday Jan 12 & were released Friday Jan 15).

Broader market turbulence is providing for constructive shifts in sentiment toward EUR and JPY, forcing investors to pare shorts in both while also favoring a bullish build in the latter.

Investors’ elevated uncertainty toward risk in CAD, GBP, and CHF is underscored by a paring back of positions on both sides as we note signs of a bearish turn in sentiment toward AUD. EUR remains the largest held net short with a $19.9bn position. CAD is a distant second at $4.2bn. JPY is now the largest held net long with a $2.7bn position.

Bearish EUR sentiment has moderated through five of the past six weeks, providing for a cumulative $4.4bn narrowing in the net short to $19.9bn. Details suggest an adjustment in positioning rather than an outright shift in expectations for EUR, as broader turbulence has forced investors to pare back shorts.

JPY sentiment is at its most bullish since late 2012, with a $2.7bn net long and improvement driven by both sides.

CAD risk has been pared back for a second consecutive week, leaving the net short position relatively unchanged around $4.2bn as investors have reduced both gross long and gross shorts. The shift hints to a pause in the deterioration that was observed through late 2015 and may hint to concerns about a potential shift in the balance of risk and rise in general uncertainty in the near term path for CAD.

This article originally appeared at eFXnews.