The US dollar is up again broadly against most major currencies this morning and the value of USD to CAD is now 1.238. The US dollar had given up some of its gains since jumping on the Fed’s hawkish tilt a couple of weeks ago but has been on the rise again recently as fears of the potential impact of the Delta variant and the upsurge in cases in Asia and Australia are benefiting the perceived safety of the greenback. The Canadian dollar is actually holding up relatively well against other non-USD currencies as Canada is viewed as on track to successfully reopening and as oil and stock prices continue their run of strong price performance. But the flows to the US dollar are overwhelming any benefit that the loonie might get from its position and the net result is that the CAD is now at its lowest level in eight days against the USD.
