# What’s driving the Canadian dollar higher? It may not be what you think - The Globe and Mail

> 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.

- Date: 2021-04-27 · published 2021-04-27T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/47850-what-s-driving-the-canadian-dollar-higher-it-may-not-be-what-you-think-the
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

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.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-global-economic-recovery-not-the-bank-of-canada-driving-loonies-value/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.