Policy makers surprised observers at the start of the year with a 25 basis point cut to the benchmark rates in an attempt to diminish the impact of falling oil prices. Looking ahead, the central bank projects the Canadian economy to quicken to a 1.8% annualized growth rate this quarter and to 2.8% in the third quarter. Poloz also anticipates that the economy will return to full capacity at the end of next year. [Rising Oil Could Provide Solid Footing for Canada ETFs]
“It now costs 9.3 percent to protect against swings in the Canadian dollar versus its U.S. peer over the next week, compared with 9.1 percent for the same protection spanning the next month, the data show,” according to Bloomberg.
FXC is down 14% over the past year.
CurrencyShares Canadian Dollar Trust