Seasonality and U.S. Dollar/Canadian Dollar
The Canadian Parliament normally votes and passes a government budget during March/April. Fiscal years in Canada begin April 1, so normally a budget is already in place from the traditional March introduction (Canada Department of Finance 2010). Major Canadian companies also write their own budgets in line with government budgets. Look for Canadian LIBOR and the OMMFR to reach its peak of the year during this period and also look for U.S. dollar/Canadian dollar to peak, Canadian dollar/U.S. dollar to bottom.
EXHIBIT 5.28 CORRA Rate Minus Overnight Rate
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