A simple, but telling chart from Yilin Nie in the latest Morgan Stanley FX Pulse.
Photo: Morgan Stanley
The Canadian Dollar has been outperforming both the Aussie Dollar and The New Zealand Dollar lately.
And if you think about it, this is a nice currency proxy for the U.S. vs. China. Canada thrives off a healthy U.S. economy the way the Australia and New Zealand thrive off a healthy China. This outperformance by the Loonie is a nice sign that optimism for the U.S. is ahead of optimism for China at the moment.
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