The Canadian dollar has been no match for the resilient U.S dollar, to which it has been losing ground for months. Read more.
While analysts say the Canadian dollar has been one of the strongest performing major currencies in the world this year, it has been no match for the resilient U.S dollar, to which it has been losing ground for months.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“The Canadian dollar at the moment can’t really move or hasn’t really reflected a lot of the positive underlying fundamentals that we have in Canada, relatively strong growth, relatively high interest rates,” Osborne said. He also noted that when the Bank of Canada raised 100 basis points last month, the Canadian dollar actually fell.Article content
“The Canadian dollar is actually one of the better performing currencies amongst the majors but it hasn’t really been able to penetrate the very resilient U.S. dollar,” he said.The potential for the U.S. Federal Reserve to hike more than projected is also dulling the benefits to the loonie of a more hawkish Bank of Canada,“We still judge it as unlikely that the peak overnight rate in Canada will end up exceeding that of the U.S.,” he said.
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