Yesterday was a dramatic day with the Canadian dollar giving up 1.5% of its value against the US dollar as overall global sentiment turned decidedly negative. Some pointed to the Fed’s press conference on Wednesday while others blamed the apparent “second wave” of the virus. This morning, the markets are regaining some of the ground lost yesterday. The Canadian dollar is up 0.3%, equities are looking to open notably positive, and oil is flat. With no new economic data points expected to give the market direction, we expect a busy and volatile day for the Canadian dollar as the market adjusts its risk perception.
