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Of late, the CAD hasn’t benefited as much when the market has taken on an appetite for risk.
Other commodity currencies have outperformed it, but this might not be so much Canada’s “fault”.
The spread of coronavirus is theorized to be dependent, in part, on weather, and Canada didn’t see a significant increase in cases until later in their spring. Because Canada’s case numbers increased later, their reopening and recovery will also come later.
On top of that is Canada’s dependence on its southern neighbor, which saw a record of new cases as recently as last week. The concern is the potential reinstatement of lockdown measures. Because this would cut gasoline consumption in Canada’s largest market.
On the other hand, Canada’s cases did spike up at the end of June (as did many countries in the world) but have since settled down. However, the increase might have been enough to affect employment during the month.
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