USD/CAD risk reversals show CAD put bias at one-month low

• USD/CAD one-month 25 delta risk reversals fell to lowest level since June 5. 
• The gauge indicates falling demand for CAD puts (bearish bets). 

The USD/CAD one-month 25 delta risk reversals (CAD1MRR) are being paid at  0.175 - a level that was last seen on June 5 - vs the recent high of 0.325.

The decline from 0.325 to 0.175 represents a falling demand or a falling implied volatility premium for CAD puts and adds credence to the recent decline in the USD/CAD from 1.3386 to 1.3080. 

CAD1MRR