‘lil Jimmy Flaherty says the BOC and Ministry of Finance are not currently considering intervening to weaken CAD.
USD/CAD has been boosted today after Lowe’s pulled out of a proposal to buy Canadian hardware chain Rona. It’s a sign of 1) the unwillingness to pay a large premium for CAD takeovers and 2) the lack of political support for takeovers (the Quebec gov’t threatened to block the takeover).
Rumored corporate offers in USD/CAD up to 0.9735 were taken out. Little else up to 0.9800.
Intervention isn’t even on the radar until the pair falls below 0.9000.
