George Davis Market Quotations

I think in terms of tone it was a little more dovish than what the market was expecting.

Just given the fact the market wasn't able to push the Canadian dollar above that 12-year high that was set last November, I think that caused a few people to look at taking some profits on some of their long Canadian dollar positions.

It weakened off initially when the data came out, and then we've seen the market come back a little bit.

There's been a little bit of corporate and cross interest to buy the Canadian dollar, which appears to have had a little bit of an impact, and I think the market was focusing on support that was very close to 1.17 (85.47 U.S. cents).

On balance, they were hawkish comments that basically indicate that there's more rate hikes to come, ... We saw the market basically turn into net buyers after that.

The market looks at it as what's good for the U.S. is good for Canada because of the close trading relationship.