FILE PHOTO: A Canadian dollar coin, commonly known as the"Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch /File Photo
Canada runs a current account deficit and is a major exporter of commodities, so the loonie tends to sensitive to the global flow of trade and capital. Speculators have cut their bearish bets on the Canadian dollar for the third straight week, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of July 7, net short positions had decreased to 16,818 contracts from 20,519 in the prior week.
On Friday, data showed that the economy added nearly one million jobs in June as firms reopened following closures triggered by COVID-19.
Let me get that maple syrup eh!