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Bank of Montreal
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Close 2021-04-05 C$ 113.62
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FP/wire say TD, rivals hear loonie to extend strong run

2021-04-06 09:13 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Tuesday, April 6, edition that already one of the best-performing major currencies this year, Canada's dollar looks poised to become a market favourite for all of 2021. A Bloomberg dispatch to the Post reports that at the heart of the loonie's broad gains are demand for the country's abundant natural resources, attractive yields and proximity to the U.S., where vaccination rollouts and infrastructure spending are seen helping Canada's biggest export market regain its footing. Against that reflation-trade backdrop and relative calm in equity markets, the Bank of Canada signalled it will slow quantitative easing. That has fuelled the currency's largest quarterly return in years against two haven counterparts: the yen and Swiss franc. BNY Mellon analyst John Velis says, "The Canadian recovery will be impressive in the second half, with growth projections revised up." Mr. Velis is long the loonie versus the greenback. He adds, "Furthermore, the global reopening will help commodities as we get deeper into the year and we'll see commodity and oil-related FX do well." According to Bloomberg, it doubts the loonie's performance will be just a flash in the pan.

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