币界网报道：[TD: The next risk facing the US dollar comes from Canadian pension funds increasing their hedging efforts] TD Securities believes that the US dollar will fall further because, as one of the largest holders of US stocks, Canadian investors are under pressure to increase the currency hedging ratio of US dollar assets. "Since the beginning of this year, the safe-haven appeal of the US dollar has declined, resulting in an increase in the demand for these funds to hedge their long exposure to US assets," TD Securities team Jayati Bharadwaj, Mark McCormick and Linda Cheng wrote in a report on Friday. A further decline in the US dollar "will further prompt Canadian investors to adjust their hedging policies, which may put further downward pressure on the currency pair." In the first half of 2025, the Canadian dollar has risen by more than 5% against the US dollar, the best start in nearly a decade. TD strategists predict that the Canadian dollar will rise further in the future. They expect the Canadian dollar to rise to 1.31 against the US dollar by December, which will be the strongest level since 2022 and about 4% higher than the current level of about 1.3665. The TD team estimates that Canadian pension funds — some of which have explicit policies not to fully hedge U.S. assets — have hedge ratios of about 10% to 15%. Overall, Canadian investors hold about $1.8 trillion in U.S. stocks. A marginal 5% increase in hedge ratios could result in about $90 billion in selling pressure on the U.S. dollar against the Canadian dollar, the analysts wrote.