The Canadian dollar is unchanged from yesterday’s close but continues to trade at near 2-week highs. The fact that the Canadian dollar is not showing greater strength this morning is a bit surprising given that oil is up 3%. Some of that underperformance is likely attributable to the fact that Canada’s merchandise trade deficit came in at levels higher than consensus. This is a statistic that is watched closely by the Bank of Canada and market participants. Separately, real estate continues to be fulcrum asset class in Canada. In Toronto, prices and sales continued to soar in September. It has become cliche to point out that real estate is to Canada what technology stocks are to the US! The US political scene continues to add to uncertainty in the markets. Polls showing Biden well ahead are providing some calm but there is a lingering expectation that Trump may pull another surprise that will impact the markets.
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