USD/CAD risk reversals (CAD1MRR) are currently trading at -0.1, the lowest level since February 2018.
The negative number indicates the implied volatility premium or demand for CAD calls is higher than that for CAD puts, meaning the CAD bullish bias is currently the strongest in 16-months.
USD/CAD is currently trading at 1.3376, having hit a low of 1.3325 earlier this month.
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