Talk about straying off message! As much as the government and the BOC would like to push down the strong Loonie, Canadian finance minister Flaherty all but admits they are powerless to really do anything about it
“The tools are limited,” Mr. Flaherty said in a broadcast interview in Toronto early Friday. “We ought not to kid anyone about that.”
Bottom line, aside from QE, which the Bank of Canada is very reluctant to undertake, the toll box is nearly empty.
Verbal intervention is clearly not going to work if Flaherty gives away the game…