HiFX: Foreign Exchange Specialists

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October 29, 2008

Today the Canadian Dollar posted its largest one day gain on record versus the US Dollar.  The move totaled 740 pips with USD/CAD moving from a high of 1.2869 to a session low of 1.2129.  This move came amidst a broadly weaker US Dollar as it was reported that hedge funds were prompted to re-weight their investment portfolios out of US treasuries and back into global equities as they approached month end.