The Canadian dollar is losing its usual tight link to the performance of U.S. st...
TORONTO - The Canadian dollar is losing its usual tight link to the performance of U.S. stocks as investors pay more attention to domestic economic headwinds than signs of improved prospects for the U.S. economy.
But the correlation between the S&P 500 and the Canadian dollar has collapsed since March, with the loonie losing ground even as U.S. stocks notched a record high. Trade uncertainties, including negotiation of a new trade deal between Canada, the United States and Mexico, were a drag on the loonie when its correlation with U.S. stocks last broke down in July 2018.
“People are realizing that we’re not a petrocurrency and that there is a much larger, much more important household consumption sector,” said Karl Schamotta, director of global markets strategy at Cambridge Global Payments.
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