Head of Toronto-Dominion Bank, Bharat Masrani, in an interview with the Financial Times:

  • The latest drop in the oil price could hurt consumption in certain parts of Canada that are highly reliant on energy exports
  • Says he is not worried about the bank's direct lending to energy companies (about 1% of total assets of C$1tn)
  • Concerned about the indirect exposures ... for "If there is a knock-on effect on consumer confidence, then obviously that is something not to take lightly"

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Meanwhile, USD/CAD has opened the week uneventfully: