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Canadian Dollar Looks ‘Egregiously’ Undervalued, Scotiabank Says
video Canada’s dollar is “egregiously” undervalued, Scotiabank said following a report Friday that showed record job gains for the country. While the loonie has had a bad reputation of late, the strength of the nation’s economic fundamentals reinforces the view that the currency should be stronger, foreign-exchange strategists Shaun Osborne and Eric Theoret wrote in a note. The Canadian currency climbed as much as 0.7% to C$1.3381 per dollar on Friday, its strongest level in a week, after data showed the country added an above-forecast 106,500 jobs in April. The yield premium of two-year U.S. notes over ... (full story)