“Along with virtually all its major peers, the Canadian dollar is rallying against the greenback as investors flee the U.S. financial markets, but it is also underperforming its safe haven counterparts as fear grips the world economy,” Karl Schamotta, chief market strategist at Corpay Currency Research, said in an email.

The Canadian dollar is down 4.4 per cent and 2.3 per cent against the Swiss franc and the Japanese yen, respectively, so far this month, compared with a 4.1 per cent gain versus the greenback.