A simple, but telling chart from Yilin Nie in the latest Morgan Stanley FX Pulse.

chart
Morgan Stanley

The Canadian Dollar has been outperforming both the Aussie Dollar and The New Zealand Dollar lately.
And if you think about it, this is a nice currency proxy for the US vs. China. Canada thrives of a healthy US economy the way the Australia and New Zealand thrive off a healthy China. This outperformancy by the Loonie is a nice sign that optimism for the US is ahead of optimism for China at the moment.