China has been adding to its CAD holdings in recent weeks, helping to limit USD/CAD rallies despite the recent surge in the greenback across the board.
Perhaps then, it is no coincidence that BOC Governor Carney is talking up China’s “enormous” impact on the Canadian economy. Broader macro risks are the greatest risk to Canada’s recovery (Macro. Like a Chinese growth slowdown, which would trim demand for commodities…)
USD/CAD trades quietly at 1.0550.