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Canadian Dollar Morning Update — May 26, 2020
Optimism abounds in financial markets today. Two companies reported progress in developing a COVID-19 vaccine. Also, the economic reopenings have so far proceeded without significant setbacks. The level of optimisim is a bit surprising but the result is not; equities are up strongly, yields are tighter, oil is up, the US dollar is down as the safe-haven trade partially unwinds. The Canadian dollar is stronger by 1.2% to its strongest level since mid-March.