USD/CAD continues to crumble. What's next
USD/CAD down 220 pips on the day
The company earmarked $1.85B for loan losses in the quarter and said it will provision about the same in the coming quarter. That was below consensus estimates and well below what was feared. Shares of the company are up nearly 8% and other Canadian banks are following along, assuming that consumer, corporate and residential debt will default at manageable rates. Within the company's results, it was the international segment (mostly LatAm) that was a larger drag than domestically.