Andrew Novak of the United States (67) sits atop the leaderboard at 11 under, while American David Lipsky (64) is 8 under.
Svensson had six birdies and two bogeys on Friday to get to 7 under, sitting in third place alongside American Josh Hart (67).
Taylor Pendrith of Richmond Hill, Ont., (67) is ninth at 4 under, while Stuart Macdonald of North Vancouver, B.C., (70) and Ben Silverman of Thornhill, Ont., (70) failed to make the weekend, missing the 2-over cutline.
Svensson won the Club Car Championship at The Landings Club in Savannah, Ga., last weekend — a victory that moved him nearly 200 spots up in the world rankings while also giving him a strong chance to regain a PGA Tour card he lost after the 2019 season.