Loony takes a breather
MARKET NEWS
The long-held equity market axiom "sell in May and go away" has proved only too true for the C$ this past week, says Steve Saldanha, senior strategist at TD Securities in Toronto
For the second consecutive week this month, the Canadian dollar found itself on the losing end against the greenback, sparking concerns that April’s rally was simply another mirage in a long history of false upside moves. Nevertheless, the currency remains nearly 3% above this year’s low.
A number of factors were to blame
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