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Market strategist Scott Barlow argues the Canadian dollar's recent rally after the Bank of Canada's hawkish outlook is less about interest rates. He says the loonie now trades mainly as a global reflation proxy, tracking copper prices that are near record highs.
If the loonie is driven by global reflation rather than rate policy, its strength is tied to broad commodity demand and could persist while that demand holds. This matters for the cost of Canadian-denominated feed imports.
theglobeandmail.comScott BarlowApr 27, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
