Canadian dollar underperforms as the Fed gets a greenlight to cut ...Middle East

The Canadian dollar is underperforming today and at first the move is puzzling but at second looks shows why it makes sense.The loonie is up 0.5% today and that's a good gain but it's far short of the +1.2% for the Australian and New Zealand dollars. The loonie is also underperforming the pound, yen and euro. That's despite a strong day for equities with the S&P 500 up 1.2% to a record high and oil up $1.33 to $79.22.Why is the loonie sluggish?I believe this is about the Bank of Canada. Last week we saw the BOC (and ECB) remain cautious about further rate cuts. I believe that's about to fade away. Central banks don't like to detach too far from the Federal Reserve and if the Fed is dovish to

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