...this is not surprising given that the Loonie is a summer asset, with Canada's heavy weighting in oil and PM production. When PM's and oil are financialized...a fancy way of saying speculators bid up the price, then the summer of stagflation will make itself known.
The currency of choice today is the 'Aussie' or Australian dollar, a perfect spring asset, dependent on iron ore and copper the building materials for the world. So it's FXA:UUP with the USD being the currency asset of choice...at the moment.
The other seasonal currencies are the Yen in winter, and the British Pound in fall.
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