It was under pressure earlier on drifting commodities prices, particularly natural gas. Some soft numbers from the purchasing managers index helped give it a bit of a shove lower.
Commodities prices are pretty robust, which supports the Canadian dollar. The Canadian dollar is still looking relatively good.
The yen is still soft across the board and I think interest rate differentials are still the driver there.
His speech was hawkish in the sense that there would be more interest rate increases. But again, there's something for everybody in his speech, including dollar bears.
(It was) the focus for currencies and interest rate futures. The dollar is looking quite vulnerable.
Our clients remained pretty active hedging last year. Since they had so many hedge contracts in place, their credit lines were full, and they wanted to do more but couldn't.
The bank may start to soft-pedal its need for more rate increases down the road. So the Canadian dollar is coming down.
The markets cast a bit of doubt about how much the central bank will go in this rate-hike cycle.
We still think there is more appreciation to come and that's been our message to clients, it certainly was the case last year and it continues to be the case this year.