George Davis Seen Quotations

Since Friday, we've seen the Canadian dollar do very well against the crosses, particularly against the euro and the sterling. That seems to be driving most of the Canadian dollar gains right now.

I think in general what we have seen is a little bit of profit-taking,

I think we've seen a little bit of a Canadian dollar rally on some of the crosses, so that's been a benefit, and there's been some corporate interest to sell the U.S. dollar (versus Canada) in a fairly thin market.

Last week we saw oil give back a sizable amount of recent gains and I just think that given the fact that we have seen some weakness in oil prices as a result of that, that's weighed on the Canadian dollar as well,

We have not seen much reaction but given the elevated level of unit labor costs as well as the lower-than-expected print of initial claims data, that would be viewed as dollar supportive and may see the dollar rally over the short term.

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