Candollar cartwheels
The Bank of Canada unexpectedly cut rates on July 15 by 25 basis points (bp) to 3.00%. The main factor cited -- apart from weak external demand and temporary factors such as the Sars and BSE epidemics -- for the growth was Canadian dollar strength.
Certainly, the speed of Candollar’s ascent has surprised even those of us who have been bullish since the start of the year. The currency gained 7% against the US dollar in the first quarter, and another 9% in the second. Since the rate cut, the
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