A faster pace of reopening in Canada may have boosted Canada's dollar versus the US dollar since March.Over the past 40 years, the value of the Canadian dollar against the US dollar has fluctuated significantly, at times rising nearly 10% or falling by as much as 37%. CAD is currently near the lower end of its historic range, worth about 76 US cents. That, however, is more than 10% above its recent low set in March when it was worth only 69 US cents.
That said, relative to the size of its economy, the Bank of Canada did a bigger QE than any other central bank since the end of March . In any case, BOC's large post-pandemic round of QE, which narrowed the gap between the relative size of the two central bank balance sheets, doesn't seem to have hurt CAD at all. In fact, since the BOC QE program began, CAD has recovered most of its recent loss in value versus USD.
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