The rally in the Canadian dollar has been on pause since yesterday. But that comes on the heals of a 3.5% gain over the prior 7 trading days. The currency markets continue to be focused themes as opposed to specific macro statistics or policy decisions. In particular, all financial markets are now increasingly in line with the view that the economic recovery will be robust and quick. As such, equities have largely recovered ground lost to during the pandemic. Bond markets are operating normally. There is no unusual flow into the US dollar as a safe haven. Oil markets are rebounding. And so on. In line with that, the Canadian dollar is now at the same levels as prior to the shutdowns in mid-March.
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