While the IMF has said it's considering adding CAD and AUD to its list of reserve currencies, market perception is that it may be a bit late to the game. TD's Bill Kellett says the move is "fairly outdated" as many central banks, notably the Bank of Russia and the SNB, already have allotted room for CAD. "It's not a major eye-opener for people. It's well known that people are diversifying US dollars into Canadian dollars and Aussie for quite some time," he said. If anything, the move will further increase CAD's profile in the institutional space, where it's already benefited from the commodity boom and its Triple-A credit rating, Kellett says.
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