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Forex

Loonie Surges to Two-Month High as WTI Rebound Boosts CAD

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar has made a significant recovery against the US Dollar, reaching 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 (Rsq 0.8).

This recovery is attributed to the rebound in WTI prices above $82/b, the elimination of speculative short positions, and the dovish repricing of the Fed post NFP.

A test of 1.3900 would mark a 50% retracement of the May-June rally, indicating that the Canadian Dollar's upward momentum is likely to continue.

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