The US dollar is mixed against the major currencies this morning. The equity markets are pointing up but the Canadian dollar is flat. This is somewhat unusual given the recent tight correlation between the two. Equities are trading up as a reflection of positive sentiment about the US economy but the Canadian dollar and other risk currencies are held back by some of the negative noise coming out of Asia and lower oil prices. The retail sales number in the US has reinvigorated expectations of a V-shaped recovery. But the potential re-emergence of the virus in Beijing is creating more uncertainty about the future course of the pandemic in Asia.
