Bank of Canada’s Governor Poloz:
- Terms of trade has been an important driver of the CAD
- No choice in value of CAD, the currency has almost arithmetical relationship with prices of natural resources
- Says he is not a fan of the CAD at one level or another, is focused on inflation target
- Says he has no idea of how far the Canadian dollar will do
- Reiterates US recovery is leading to CAD weakness
Earlier comments today, here (not much change from yesterday’s comments)
