CHART: The loonie falls off a cliff after Carney says he’s leaving

It sure was good news for the British pound though

Witness the Canadian dollar dropping like a stone against the British pound at exactly 3:30 UTC (which stands for Coordinated Universal Time) or 10.30 ET, when Bank of Canada Governor announced he was leaving to head the Bank of England effective July 1, 2013:

Screengrab. Source: http://www.xe.com/currencycharts/




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CHART: The loonie falls off a cliff after Carney says he’s leaving

  1. I do love it when we get proof of how irrational the market is. Can anybody tell me what fundamentals in Canada have changed?

    • As the measure is against the British pound, it may be a reflection of the market thinking things will improve in Britain. Did we only fall in comparison to the pound? Did the pound rise in comparison to other benchmark currencies?

      As the information in this chart is presented in isolation, there really isn’t enough here to draw much of a conclusion on anything beyond the relative values of these two currencies.

      • Fair enough.
        Can anybody tell me what fundamentals in Britain OR Canada have changed?

  2. Non-confidence vote in Harper/Flaherty.

    Plus the ground hasn’t been prepared for this change….so perhaps it was a surprise to them.

  3. Considering it was only a drop of about 0.3% and it’s already clawed most of that back, I would hardly call it “dropping like a stone”

    • You are supposed to be shocked. Keep up the side eh?

    • My view too.
      You can make the vertical axis as detailed as you want and any change can look like a cliff. 0.9 of penny to 0.7 of a penny and then back up 0.75 of a penny. This is only going to effect those who have enough dollars that a 0.15 of a penny drop will matter.
      Slow news day, another banker pisses off to another job. There’s plenty more like him ready to move in and carry the corporations’ water for them.

      • True except for the slow news day. And there are elections still to report on!

        • I should have added up until Crockett gets dumped.

  4. Shocking! Reactionaries control currency trading? Say it isn’t so.

  5. the fallacy of the baseline . . .

  6. are you kidding me, england has very little going for it

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