Why the Canadian dollar should beware of Fridays (and Thursdays for that matter) — via financialpost
After being the best performing currency against the U.S. dollar in 2021, it has slipped down the charts in 2022.
Unlike the loonie, the U.S. dollar, which tends to be seen as a safe haven in uncertain times, has been having a great year. Energy and commodities are the only major asset classes in the U.S. to outperform it, say BofA strategists Howard Du and Vadim Iaralov. “In our view, investors are more reluctant to hold risky assets over the weekend due to the on-going war in Europe, the withdrawal of central bank liquidity increasing “price gap” risks, which supports demand for the USD,” said the strategists.
“These two currencies have also had the greatest loss against the USD on Thursdays and Fridays, coinciding with the bearish day-of-week seasonality for the U.S. equity market,” they said.
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