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Canadian Dollar May Lose Ground Even as the BOC Delivers
The Canadian Dollar has fared considerably better than other commodity-linked currencies so far this year, despite a sour market mood. The so-called Loonie is tracking second only to its US counterpart among the G10 FX currencies, pulling ahead of the similarly sentiment-geared Australian and New Zealand Dollars. Elevated crude oil prices might be a tempting explanation for this outperformance. Russia’s invasion of Ukraine disrupted critical supply routes and sent energy costs higher, driving windfall capital into the hands of top exporters, including in Canada. The similarly oil-linked Norwegian Krone lagged ... (full story)