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Forex

CAD Soars to Two-Month High as USD/CAD Mean-Reverts

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar has made significant gains against the US Dollar, recovering to its strongest level in two months. According to Societe Generale's Kenneth Broux, USD/CAD has mean-reverted to 1.3933 from 1.4248 in late June and is now trading close to fair value based on 2-year bond spreads.

The loonie's recovery can be attributed to several factors, including the rebound in WTI oil prices above $82/b, the elimination of speculative short positions, and the dovish repricing of the Fed following the recent NFP release.

A test of 1.3900 would mark a 50% retracement of the May-June rally, indicating that the Canadian Dollar's gains may be sustainable in the near term.

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