After two big up days and one big down day, the markets are taking a breather this morning. The USD CAD exchange rate is flat. US jobless figures came in near expectations and while economic numbers have taken a backseat to the market’s view about the nature of the recovery, they are still helpful in forming a picture of how deep a hole has been dug economically. The Canadian dollar has benefited from the risk-on environment this week and is now up 1.4% for the week.
