USD/CAD flat on the day after quick spike higher

USD/CAD made a quick move to a fresh cycle high at 1.3438 then skidded back lower to 1.3400. It's getting kicked around by stock market sentiment. In the latest move the S&P 500 is 10 points higher, it's been helped by the strongest consumer confidence report since January.

In Canada, the latest census data was released today and it shows Canadian population growth at the highest rate in the G7. The worrisome part is that growth is surging in the wrong demographics.

For the first time, those aged 65 and older (16.1% of the population) outnumber those aged 0-14 (16.0%). An aging workforce is a recipe for stagnation and over the next 20 years in Canada it will get much worse.