The Canadian dollar continues to trade at its highest levels against the US dollar since the beginning of the Covid crisis in early March. The US dollar on the other hand has gone from being the currency everyone wanted to hold in March and April at the beginning of the crisis to the currency that no one wants to touch. Some of it has to do with the easing of the crisis and the risk-on mood in the markets. Some of it has to do with the poor handling of the crisis in the US. And some of it has to do with the strength of the USD’s only other global peer, namely the Euro. This morning, the Loonie is slightly lower given the re-emergence of US/China tensions as a market risk.
