Canadian dollar has been one of the best performing - BTMU

Analysts at Bank of Tokyo Mitsubishi explained that the Canadian dollar has been one of the best performing currencies since the US election even strengthening modestly against the US dollar. 

Key Quotes:

"The strength of the loonie has defied fears so far that Canada could be caught up in collateral damage from President Trump’s shift to more protectionist trade policies. Admittedly it still very early days. The USD/CAD rate does not appear to be currently discounting any additional “Trump policy” risk premium as it is broadly in line with our short-term valuation model estimate based on traditional fundamental drivers."

"On the one hand the ongoing rebound in the price of oil is encouraging a stronger loonie. The strengthening global growth outlook and agreement by OPEC and nonOPEC members to cut production during the first half of this year are positive developments for both the price of oil and the loonie. The current price of oil appears more consistent with USD/CAD trading between the 1.2500 and 1.3000-levels."