{"id":16834,"date":"2026-11-10T15:35:25","date_gmt":"2026-11-10T20:35:25","guid":{"rendered":"https:\/\/www.lba.ca\/publications\/leffet-amortisseur-du-dollar-canadien-comment-la-devise-canadienne-attenue-les-soubresauts-des-actions-americaines\/"},"modified":"2026-11-10T16:00:32","modified_gmt":"2026-11-10T21:00:32","slug":"leffet-amortisseur-du-dollar-canadien-comment-la-devise-canadienne-attenue-les-soubresauts-des-actions-americaines","status":"publish","type":"publications","link":"https:\/\/www.lba.ca\/fr\/publications\/leffet-amortisseur-du-dollar-canadien-comment-la-devise-canadienne-attenue-les-soubresauts-des-actions-americaines\/","title":{"rendered":"L\u2019effet amortisseur du dollar canadien &#8211; Comment la devise canadienne att\u00e9nue les soubresauts des actions am\u00e9ricaines<br\/>"},"content":{"rendered":"<style>.kb-row-layout-id16834_7e4033-e5 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id16834_7e4033-e5 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id16834_7e4033-e5 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id16834_7e4033-e5 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id16834_7e4033-e5 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id16834_7e4033-e5 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id16834_7e4033-e5 alignfull wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column16834_121e73-73 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column16834_121e73-73 > .kt-inside-inner-col{flex-direction:column;}.kadence-column16834_121e73-73 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column16834_121e73-73 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column16834_121e73-73{position:relative;}@media all and (max-width: 1024px){.kadence-column16834_121e73-73 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column16834_121e73-73 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column16834_121e73-73\"><div class=\"kt-inside-inner-col\">\n<ul class=\"wp-block-list feature-list\">\n<li>Lorsqu\u2019on ach\u00e8te des actions \u00e9trang\u00e8res, on dit souvent que l\u2019on s\u2019expose \u00e0 un risque de change. Pourtant, l\u2019histoire montre que, pour les investisseurs canadiens qui d\u00e9tiennent des actions am\u00e9ricaines, l\u2019exposition au dollar am\u00e9ricain a surtout r\u00e9duit la volatilit\u00e9 des rendements, sans presque rien changer aux r\u00e9sultats \u00e0 long terme.<\/li>\n<\/ul>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a, .wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a[data-kb-block=\"kb-adv-heading16834_661f8d-7a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a[data-kb-block=\"kb-adv-heading16834_661f8d-7a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_661f8d-7a[data-kb-block=\"kb-adv-heading16834_661f8d-7a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_661f8d-7a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_661f8d-7a\">Actions et devises : les notions de base<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78, .wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78[data-kb-block=\"kb-adv-heading16834_6e930f-78\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78[data-kb-block=\"kb-adv-heading16834_6e930f-78\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_6e930f-78[data-kb-block=\"kb-adv-heading16834_6e930f-78\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_6e930f-78 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_6e930f-78\">Acheter des actions libell\u00e9es en devises \u00e9trang\u00e8res ajoute une dimension aux rendements. Le prix d\u2019un titre dans sa monnaie d\u2019origine et la valeur de cet actif financier dans la monnaie de l\u2019investisseur peuvent \u00e9voluer en sens contraire. Du point de vue d\u2019un investisseur canadien, si le prix d\u2019une action am\u00e9ricaine augmente en dollars am\u00e9ricains, mais que le dollar canadien s\u2019appr\u00e9cie simultan\u00e9ment, la d\u00e9pr\u00e9ciation du dollar am\u00e9ricain peut effacer une partie ou la totalit\u00e9 des gains. L\u2019inverse est aussi vrai : si le cours d\u2019une action am\u00e9ricaine recule, mais que le dollar am\u00e9ricain s\u2019appr\u00e9cie face au dollar canadien, la perte exprim\u00e9e en dollars canadiens peut \u00eatre r\u00e9duite. C\u2019est ce qu\u2019on a observ\u00e9 lors des replis de march\u00e9 des derni\u00e8res d\u00e9cennies.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0, .wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0[data-kb-block=\"kb-adv-heading16834_4f5c6f-f0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0[data-kb-block=\"kb-adv-heading16834_4f5c6f-f0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_4f5c6f-f0[data-kb-block=\"kb-adv-heading16834_4f5c6f-f0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_4f5c6f-f0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_4f5c6f-f0\">Ce que fait le dollar canadien quand le S&amp;P 500 recule<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28, .wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28[data-kb-block=\"kb-adv-heading16834_70ad0e-28\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28[data-kb-block=\"kb-adv-heading16834_70ad0e-28\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_70ad0e-28[data-kb-block=\"kb-adv-heading16834_70ad0e-28\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_70ad0e-28 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_70ad0e-28\">Lors du march\u00e9 baissier de 2007-2009, le S&amp;P 500 a perdu 57 % du sommet au creux. Un investisseur canadien qui d\u00e9tenait les m\u00eames actions sans couverture a perdu 43 %. L\u2019\u00e9cart s\u2019explique par le taux de change. Pendant que les actions chutaient, le dollar am\u00e9ricain s\u2019est appr\u00e9ci\u00e9, passant de 0,98 $ CA \u00e0 1,30 $ CA, de sorte que chaque dollar am\u00e9ricain du portefeuille valait davantage en dollars canadiens.1<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2, .wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2[data-kb-block=\"kb-adv-heading16834_86607b-d2\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2[data-kb-block=\"kb-adv-heading16834_86607b-d2\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_86607b-d2[data-kb-block=\"kb-adv-heading16834_86607b-d2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_86607b-d2 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_86607b-d2\">Ce ph\u00e9nom\u00e8ne s\u2019est r\u00e9p\u00e9t\u00e9 \u00e0 chaque march\u00e9 baissier am\u00e9ricain depuis 2000 (tableau 1). Il est aussi inscrit dans le bilan du pays : les actifs \u00e9trangers du Canada d\u00e9passent ses passifs envers l\u2019\u00e9tranger, soit 11,29 billions de dollars canadiens contre 9,93 billions \u00e0 la fin de mars 2026. Quand le dollar canadien se d\u00e9pr\u00e9cie, ces avoirs \u00e9trangers valent davantage en dollars canadiens. Une d\u00e9pr\u00e9ciation de 1,7 % face au dollar am\u00e9ricain au premier trimestre de 2026 a ainsi ajout\u00e9 88,8 milliards de dollars canadiens \u00e0 la position nette du pays.2<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8, .wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8[data-kb-block=\"kb-adv-heading16834_f41417-e8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8[data-kb-block=\"kb-adv-heading16834_f41417-e8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_f41417-e8[data-kb-block=\"kb-adv-heading16834_f41417-e8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_f41417-e8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_f41417-e8\">Dans un portefeuille, cela se traduit par des hauts et des bas moins prononc\u00e9s. Depuis 1999, les rendements mensuels du S&amp;P 500 affichent une volatilit\u00e9 annualis\u00e9e de 15,1 % en dollars am\u00e9ricains, contre 12,7 % pour un investisseur canadien sans couverture.3 On consid\u00e8re g\u00e9n\u00e9ralement l\u2019exposition aux devises comme un risque suppl\u00e9mentaire. Pour les Canadiens qui d\u00e9tiennent des actions am\u00e9ricaines, elle a surtout eu l\u2019effet inverse.<\/p>\n\n\n<style>.kadence-column16834_623669-c9 > .kt-inside-inner-col{border-top:0px solid #033856;border-right:0px solid transparent;border-bottom:0px solid #033856;border-left:0px solid transparent;}.kadence-column16834_623669-c9 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column16834_623669-c9 > .kt-inside-inner-col{flex-direction:column;}.kadence-column16834_623669-c9 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column16834_623669-c9 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column16834_623669-c9{position:relative;}@media all and (max-width: 1024px){.kadence-column16834_623669-c9 > .kt-inside-inner-col{border-top:0px solid #033856;border-right:0px solid transparent;border-bottom:0px solid #033856;border-left:0px solid transparent;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column16834_623669-c9 > .kt-inside-inner-col{border-top:0px solid #033856;border-right:0px solid transparent;border-bottom:0px solid #033856;border-left:0px solid transparent;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column16834_623669-c9\"><div class=\"kt-inside-inner-col\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22, .wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22[data-kb-block=\"kb-adv-heading16834_c10e39-22\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22[data-kb-block=\"kb-adv-heading16834_c10e39-22\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_c10e39-22[data-kb-block=\"kb-adv-heading16834_c10e39-22\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_c10e39-22 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_c10e39-22\">Tableau 1<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1, .wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1[data-kb-block=\"kb-adv-heading16834_706f7d-e1\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1[data-kb-block=\"kb-adv-heading16834_706f7d-e1\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_706f7d-e1[data-kb-block=\"kb-adv-heading16834_706f7d-e1\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading16834_706f7d-e1 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_706f7d-e1\">S&amp;P 500 en $ US et en $ CA (sans couverture de change) durant chaque march\u00e9 baissier et haussier depuis 2000<\/h4>\n\n\n<style>.kb-table-container16834_857d09-5d{overflow-x:auto;}.kb-table-container .kb-table16834_857d09-5d th{font-weight:bold;padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;}.kb-table-container .kb-table16834_857d09-5d caption{text-align:center;}.kb-table-container .kb-table16834_857d09-5d td{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xxs, 0.5rem);text-align:left;}.kb-table-container .kb-table16834_857d09-5d tr:nth-of-type(odd){background-color:rgba(255,255,255,0.8);}.kb-table-container .kb-table16834_857d09-5d tr:nth-of-type(odd):hover{background-color:var(--kb-token--primitive--color--neutral--0);}.kb-table-container .kb-table16834_857d09-5d tr:nth-of-type(even):hover{background-color:var(--kb-token--primitive--color--neutral--0);}<\/style><div class=\"kb-table-container kb-table-container16834_857d09-5d is-style-regular wp-block-kadence-table\"><table class=\"kb-table kb-table16834_857d09-5d\">\n<tr class=\"kb-table-row kb-table-row16834_de19f7-02\">\n<td  class=\"kb-table-data kb-table-data16834_540cb3-b5\">\n\n<p class=\"wp-block-paragraph\"><strong>Phase de march\u00e9<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_cb25f2-2d\">\n\n<p class=\"wp-block-paragraph\"><strong>Dates<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_a2c9a6-94\">\n\n<p class=\"wp-block-paragraph\"><strong>S&amp;P 500 en $ US<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-dataUSD-CAD\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_69912f-0c\">\n\n<p class=\"wp-block-paragraph\"><strong>S&amp;P 500 en $ CA<\/strong><\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_1962a0-8e\">\n<td  class=\"kb-table-data kb-table-data16834_b33a9c-92\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-1 wp-block-paragraph\"><strong>\u25bc March\u00e9s baissiers \u2013 le dollar canadien amortit la baisse<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_f42cba-75\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_dfdbba-82\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_077095-4a\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_da48fe-af\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_32e715-b3\">\n<td  class=\"kb-table-data kb-table-data16834_5dde4f-88\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-2 wp-block-paragraph\"><strong>Baissier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_f03647-ca\">\n\n<p class=\"wp-block-paragraph\">mars 2000 \u2013 oct. 2002<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_e34e25-28\">\n\n<p class=\"wp-block-paragraph\">\u221249.1%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_5a8dd0-cf\">\n\n<p class=\"wp-block-paragraph\">+9.1%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_1099ad-cb\">\n\n<p class=\"wp-block-paragraph\">\u221244.5%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_c61a72-3e\">\n<td  class=\"kb-table-data kb-table-data16834_cd81a8-4f\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-3 wp-block-paragraph\"><strong>Baissier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_75ffdb-94\">\n\n<p class=\"wp-block-paragraph\">oct. 2007 \u2013 mars 2009<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_2ff568-a1\">\n\n<p class=\"wp-block-paragraph\">\u221256.8%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_22b13c-c7\">\n\n<p class=\"wp-block-paragraph\">+32.6%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_fc3f0c-82\">\n\n<p class=\"wp-block-paragraph\">\u221242.7%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_7859dc-cf\">\n<td  class=\"kb-table-data kb-table-data16834_749e60-4a\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-4 wp-block-paragraph\"><strong>Baissier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_766ea4-78\">\n\n<p class=\"wp-block-paragraph\">f\u00e9vr. \u2013 mars 2020<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_210a9c-a1\">\n\n<p class=\"wp-block-paragraph\">\u221233.9%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_baba91-0d\">\n\n<p class=\"wp-block-paragraph\">+9.6%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_58689d-64\">\n\n<p class=\"wp-block-paragraph\">\u221227.6%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_f1e31d-d0\">\n<td  class=\"kb-table-data kb-table-data16834_3d8c4f-7a\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-5 wp-block-paragraph\"><strong>Baissier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_2ff0bb-80\">\n\n<p class=\"wp-block-paragraph\">janv. \u2013 oct. 2022<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_922249-80\">\n\n<p class=\"wp-block-paragraph\">\u221225.4%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_08b469-24\">\n\n<p class=\"wp-block-paragraph\">+8.4%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_8e8e47-57\">\n\n<p class=\"wp-block-paragraph\">\u221219.2%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_a0aab3-31\">\n<td  class=\"kb-table-data kb-table-data16834_526fd7-eb\">\n\n<p class=\"has-red-alert-color has-text-color has-link-color wp-elements-6 wp-block-paragraph\"><strong>Repli au sein du march\u00e9 haussier actuel<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_92aa8b-d6\">\n\n<p class=\"wp-block-paragraph\">f\u00e9vr. \u2013 avr. 2025<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_88d11e-e3\">\n\n<p class=\"wp-block-paragraph\">\u221218.9%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_8c6a97-3a\">\n\n<p class=\"wp-block-paragraph\">+0.2%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_06a501-61\">\n\n<p class=\"wp-block-paragraph\">\u221218.7%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_3ee4ef-b3\">\n<td  class=\"kb-table-data kb-table-data16834_e83498-12\">\n\n<p class=\"has-text-color has-link-color wp-elements-7 wp-block-paragraph\" style=\"color:#1e7b45\"><strong>\u25b2 March\u00e9s haussiers \u2013 l\u2019effet du dollar canadien est nuanc\u00e9<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_9fd1d1-64\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_b1d966-da\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_4edd5f-0d\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_0f477c-16\">\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_74407a-77\">\n<td  class=\"kb-table-data kb-table-data16834_1b4758-d2\">\n\n<p class=\"has-text-color has-link-color wp-elements-8 wp-block-paragraph\" style=\"color:#1e7b45\"><strong>Haussier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_b6f703-47\">\n\n<p class=\"wp-block-paragraph\">oct. 2002 \u2013 oct. 2007<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_f7a947-0f\">\n\n<p class=\"wp-block-paragraph\">+101.5%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_2b3dd1-29\">\n\n<p class=\"wp-block-paragraph\">\u221238.5%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_1cfab3-da\">\n\n<p class=\"wp-block-paragraph\">+23.9%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_99ea10-92\">\n<td  class=\"kb-table-data kb-table-data16834_ddf0bd-db\">\n\n<p class=\"has-text-color has-link-color wp-elements-9 wp-block-paragraph\" style=\"color:#1e7b45\"><strong>Haussier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_76752f-68\">\n\n<p class=\"wp-block-paragraph\">mars 2009 \u2013 f\u00e9vr. 2020<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_19c054-eb\">\n\n<p class=\"wp-block-paragraph\">+400.5%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_ea3193-ef\">\n\n<p class=\"wp-block-paragraph\">+1.6%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_d14ca5-f5\">\n\n<p class=\"wp-block-paragraph\">+408.6%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_b1cb39-ce\">\n<td  class=\"kb-table-data kb-table-data16834_d3ef52-9b\">\n\n<p class=\"has-text-color has-link-color wp-elements-10 wp-block-paragraph\" style=\"color:#1e7b45\"><strong>Haussier<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_73c564-46\">\n\n<p class=\"wp-block-paragraph\">mars 2020 \u2013 janv. 2022<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_68ab2a-7b\">\n\n<p class=\"wp-block-paragraph\">+114.4%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_5891cc-14\">\n\n<p class=\"wp-block-paragraph\">\u221212.1%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_df570b-02\">\n\n<p class=\"wp-block-paragraph\">+88.5%<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_ad6993-d1\">\n<td  class=\"kb-table-data kb-table-data16834_c9aed9-ea\">\n\n<p class=\"has-text-color has-link-color wp-elements-11 wp-block-paragraph\" style=\"color:#1e7b45\"><strong>Haussier (en cours)<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_c697db-29\">\n\n<p class=\"wp-block-paragraph\">oct. 2022 \u2013 sept. 2026<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_5e274d-dd\">\n\n<p class=\"wp-block-paragraph\">+115.4%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_c18604-54\">\n\n<p class=\"wp-block-paragraph\">+2.5%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_2caf86-b4\">\n\n<p class=\"wp-block-paragraph\">+120.8%<\/p>\n\n<\/td>\n<\/tr>\n<\/table><\/div>\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5, .wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5[data-kb-block=\"kb-adv-heading16834_fd815b-b5\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5[data-kb-block=\"kb-adv-heading16834_fd815b-b5\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_fd815b-b5[data-kb-block=\"kb-adv-heading16834_fd815b-b5\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_fd815b-b5 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_fd815b-b5\">Rendements hors dividendes, calcul\u00e9s entre les sommets et les creux de cl\u00f4ture du S&amp;P 500. Source : Bloomberg.4<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77, .wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77[data-kb-block=\"kb-adv-heading16834_a68626-77\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77[data-kb-block=\"kb-adv-heading16834_a68626-77\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_a68626-77[data-kb-block=\"kb-adv-heading16834_a68626-77\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_a68626-77 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_a68626-77\">La d\u00e9pr\u00e9ciation du dollar canadien a amorti chaque march\u00e9 baissier, car l\u2019appr\u00e9ciation du dollar am\u00e9ricain a compens\u00e9 une partie de la baisse du cours des actions. Dans les march\u00e9s haussiers, le tableau est plus nuanc\u00e9 : dans deux des quatre cas, l\u2019appr\u00e9ciation du dollar canadien a fortement rogn\u00e9 les gains.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68, .wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68[data-kb-block=\"kb-adv-heading16834_4e7d12-68\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68[data-kb-block=\"kb-adv-heading16834_4e7d12-68\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_4e7d12-68[data-kb-block=\"kb-adv-heading16834_4e7d12-68\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_4e7d12-68 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_4e7d12-68\">D\u2019un mois \u00e0 l\u2019autre, toutefois, la tendance est constante. Sur 324 mois depuis la fin de 1999, le S&amp;P 500 a progress\u00e9 durant 203 mois et recul\u00e9 durant 121. Les mois de hausse, il a gagn\u00e9 en moyenne 3,25 % en dollars am\u00e9ricains et 2,46 % en dollars canadiens : l\u2019investisseur canadien sans couverture a donc conserv\u00e9 environ 76 % du gain. Les mois de baisse, la perte moyenne a \u00e9t\u00e9 de 3,71 % en dollars am\u00e9ricains et de 2,48 % en dollars canadiens : l\u2019investisseur a ainsi absorb\u00e9 environ 67 % de la perte.5 La devise att\u00e9nue donc les mouvements dans les deux sens, un peu plus \u00e0 la baisse.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93, .wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93[data-kb-block=\"kb-adv-heading16834_61b273-93\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93[data-kb-block=\"kb-adv-heading16834_61b273-93\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_61b273-93[data-kb-block=\"kb-adv-heading16834_61b273-93\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_61b273-93 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_61b273-93\">Sur l\u2019ensemble des 27 ann\u00e9es \u00e9coul\u00e9es depuis 1999, les deux effets se sont presque annul\u00e9s. L\u2019indice de cours du S&amp;P 500 a progress\u00e9 \u00e0 un taux compos\u00e9 de 6,9 % par ann\u00e9e en dollars am\u00e9ricains et de 6,7 % en dollars canadiens, car le taux USD\/CAD a termin\u00e9 \u00e0 peu pr\u00e8s l\u00e0 o\u00f9 il avait commenc\u00e9.6 L\u2019effet amortisseur n\u2019est donc pas une source de rendement. Il agit plut\u00f4t sur le moment o\u00f9 les gains et les pertes se manifestent : des pertes plus faibles quand les actions reculent, en contrepartie de gains plus modestes quand elles remontent. Pour l\u2019investisseur \u00e0 long terme, l\u2019avantage est un parcours moins volatil pour arriver \u00e0 peu pr\u00e8s au m\u00eame endroit.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee, .wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee[data-kb-block=\"kb-adv-heading16834_6cc63c-ee\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee[data-kb-block=\"kb-adv-heading16834_6cc63c-ee\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_6cc63c-ee[data-kb-block=\"kb-adv-heading16834_6cc63c-ee\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_6cc63c-ee wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_6cc63c-ee\">D\u2019o\u00f9 vient l\u2019effet amortisseur<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04, .wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04[data-kb-block=\"kb-adv-heading16834_948d48-04\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04[data-kb-block=\"kb-adv-heading16834_948d48-04\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_948d48-04[data-kb-block=\"kb-adv-heading16834_948d48-04\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_948d48-04 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_948d48-04\">On qualifie souvent le dollar canadien de devise li\u00e9e aux mati\u00e8res premi\u00e8res, et l\u2019on explique habituellement sa d\u00e9pr\u00e9ciation en p\u00e9riode de crise par la chute du p\u00e9trole. Toutefois, les recherches de la Banque du Canada indiquent autre chose : l\u2019essentiel des variations du dollar canadien refl\u00e8te l\u2019appr\u00e9ciation ou la d\u00e9pr\u00e9ciation du dollar am\u00e9ricain face \u00e0 l\u2019ensemble des devises, et le p\u00e9trole joue un r\u00f4le moindre qu\u2019on ne le croit g\u00e9n\u00e9ralement.7 L\u2019effet amortisseur tient donc en r\u00e9alit\u00e9 au dollar am\u00e9ricain. Il fonctionne parce que, lors d\u2019une crise grave, le monde entier se pr\u00e9cipite vers le dollar am\u00e9ricain.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a, .wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a[data-kb-block=\"kb-adv-heading16834_b1e409-3a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a[data-kb-block=\"kb-adv-heading16834_b1e409-3a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_b1e409-3a[data-kb-block=\"kb-adv-heading16834_b1e409-3a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_b1e409-3a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_b1e409-3a\">Une tendance install\u00e9e depuis plus de quatre d\u00e9cennies<\/h3>\n\n\n<style>.kadence-column16834_106f67-84 > .kt-inside-inner-col{border-right:0px solid transparent;border-left:0px solid transparent;}.kadence-column16834_106f67-84 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column16834_106f67-84 > .kt-inside-inner-col{flex-direction:column;}.kadence-column16834_106f67-84 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column16834_106f67-84 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column16834_106f67-84{position:relative;}@media all and (max-width: 1024px){.kadence-column16834_106f67-84 > .kt-inside-inner-col{border-right:0px solid transparent;border-left:0px solid transparent;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column16834_106f67-84 > .kt-inside-inner-col{border-right:0px solid transparent;border-left:0px solid transparent;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column16834_106f67-84\"><div class=\"kt-inside-inner-col\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03, .wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03[data-kb-block=\"kb-adv-heading16834_5a4fb3-03\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03[data-kb-block=\"kb-adv-heading16834_5a4fb3-03\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_5a4fb3-03[data-kb-block=\"kb-adv-heading16834_5a4fb3-03\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_5a4fb3-03 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_5a4fb3-03\">Tableau 2<\/p>\n\n\n<style>.kb-table-container16834_c4ee35-7e{max-width:100%;overflow-x:auto;}.kb-table16834_c4ee35-7e tr > *:nth-child(1){width:30%;}.kb-table16834_c4ee35-7e tr > *:nth-child(2){width:30%;}.kb-table16834_c4ee35-7e tr > *:nth-child(3){width:30%;}.kb-table16834_c4ee35-7e tr > *:nth-child(4){width:30%;}.kb-table16834_c4ee35-7e{table-layout:fixed;width:100%;}.kb-table-container .kb-table16834_c4ee35-7e th{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;}.kb-table-container .kb-table16834_c4ee35-7e caption{text-align:center;}.kb-table-container .kb-table16834_c4ee35-7e td{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xxs, 0.5rem);text-align:left;}.kb-table-container .kb-table16834_c4ee35-7e tr:nth-of-type(odd){background-color:rgba(255,255,255,0.8);}.kb-table-container .kb-table16834_c4ee35-7e tr:nth-of-type(odd):hover{background-color:var(--kb-token--primitive--color--neutral--0);}.kb-table-container .kb-table16834_c4ee35-7e tr:nth-of-type(even):hover{background-color:var(--kb-token--primitive--color--neutral--0);}<\/style><div class=\"kb-table-container kb-table-container16834_c4ee35-7e wp-block-kadence-table\"><table class=\"kb-table kb-table16834_c4ee35-7e\">\n<tr class=\"kb-table-row kb-table-row16834_2062cc-d0\">\n<td  class=\"kb-table-data kb-table-data16834_35fd8f-e2\">\n\n<p class=\"wp-block-paragraph\"><strong>D\u00e9cennie<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_1502d8-9b\">\n\n<p class=\"wp-block-paragraph\">Capture \u00e0 la <br>hausse<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_512ae0-97\">\n\n<p class=\"wp-block-paragraph\">Capture \u00e0 la<br>baisse<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_bfb7de-97\">\n\n<p class=\"wp-block-paragraph\">Corr\u00e9lation <br>S&amp;P 500\/$ CA<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_f931b2-cd\">\n<td  class=\"kb-table-data kb-table-data16834_c92229-8e\">\n\n<p class=\"wp-block-paragraph\"><strong>Ann\u00e9es 1980<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_8eb19f-3b\">\n\n<p class=\"wp-block-paragraph\">95%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_21d901-2a\">\n\n<p class=\"wp-block-paragraph\">93%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_7ddb5c-bf\">\n\n<p class=\"wp-block-paragraph\">\u22120.24<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_fa8291-37\">\n<td  class=\"kb-table-data kb-table-data16834_925228-3a\">\n\n<p class=\"wp-block-paragraph\"><strong>Ann\u00e9es 1990<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_2d4b44-a0\">\n\n<p class=\"wp-block-paragraph\">99%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_c43d3f-54\">\n\n<p class=\"wp-block-paragraph\">79%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_adee8c-85\">\n\n<p class=\"wp-block-paragraph\">\u22120.32<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_2f7edc-0c\">\n<td  class=\"kb-table-data kb-table-data16834_10ae2e-ce\">\n\n<p class=\"wp-block-paragraph\"><strong>Ann\u00e9es 2000<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_0548be-59\">\n\n<p class=\"wp-block-paragraph\">62%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_a7c74b-80\">\n\n<p class=\"wp-block-paragraph\">81%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_7f2736-af\">\n\n<p class=\"wp-block-paragraph\">\u22120.55<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_6a8159-32\">\n<td  class=\"kb-table-data kb-table-data16834_5b7235-1c\">\n\n<p class=\"wp-block-paragraph\"><strong>Ann\u00e9es 2010<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_e91b86-3e\">\n\n<p class=\"wp-block-paragraph\">78%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_a996ea-f2\">\n\n<p class=\"wp-block-paragraph\">42%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_15bb5f-e2\">\n\n<p class=\"wp-block-paragraph\">\u22120.60<\/p>\n\n<\/td>\n<\/tr>\n\n<tr class=\"kb-table-row kb-table-row16834_2a11a5-cc\">\n<td  class=\"kb-table-data kb-table-data16834_b3a8d5-de\">\n\n<p class=\"wp-block-paragraph\"><strong>Ann\u00e9es 2020<\/strong><\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_d89c91-a2\">\n\n<p class=\"wp-block-paragraph\">84%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_6a9e13-c1\">\n\n<p class=\"wp-block-paragraph\">65%<\/p>\n\n<\/td>\n\n<td  class=\"kb-table-data kb-table-data16834_97eb67-61\">\n\n<p class=\"wp-block-paragraph\">\u22120.64<\/p>\n\n<\/td>\n<\/tr>\n<\/table><\/div>\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4, .wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4[data-kb-block=\"kb-adv-heading16834_08281b-e4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4[data-kb-block=\"kb-adv-heading16834_08281b-e4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_08281b-e4[data-kb-block=\"kb-adv-heading16834_08281b-e4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_08281b-e4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_08281b-e4\">Capture = rendement moyen en dollars canadiens des mois de hausse (ou de baisse), exprim\u00e9 en proportion du rendement moyen en dollars am\u00e9ricains des m\u00eames mois. Source : Bloomberg.8<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17, .wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17[data-kb-block=\"kb-adv-heading16834_322424-17\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17[data-kb-block=\"kb-adv-heading16834_322424-17\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_322424-17[data-kb-block=\"kb-adv-heading16834_322424-17\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_322424-17 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_322424-17\">Il est plus difficile d\u2019expliquer pourquoi l\u2019effet s\u2019est renforc\u00e9 que de le constater. Les avoirs \u00e9trangers du Canada ont fortement augment\u00e9 par rapport \u00e0 la taille de son \u00e9conomie sur la p\u00e9riode, et les march\u00e9s financiers mondiaux sont bien plus interreli\u00e9s qu\u2019en 1980. L\u2019un ou l\u2019autre de ces facteurs pourrait raisonnablement expliquer pourquoi le dollar canadien r\u00e9agit aujourd\u2019hui davantage aux tensions sur les march\u00e9s am\u00e9ricains qu\u2019auparavant.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00, .wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00[data-kb-block=\"kb-adv-heading16834_9b79d5-00\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00[data-kb-block=\"kb-adv-heading16834_9b79d5-00\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_9b79d5-00[data-kb-block=\"kb-adv-heading16834_9b79d5-00\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_9b79d5-00 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_9b79d5-00\">Deux types de crise : pourquoi l\u2019effet amortisseur fait d\u00e9faut dans une ann\u00e9e comme 2025<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7, .wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7[data-kb-block=\"kb-adv-heading16834_d8ff40-b7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7[data-kb-block=\"kb-adv-heading16834_d8ff40-b7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_d8ff40-b7[data-kb-block=\"kb-adv-heading16834_d8ff40-b7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_d8ff40-b7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_d8ff40-b7\">L\u2019effet amortisseur ne s\u2019est pas manifest\u00e9 en 2025 parce que le choc est parti des \u00c9tats-Unis eux-m\u00eames : les investisseurs avaient peu de raisons de se r\u00e9fugier dans le dollar am\u00e9ricain. Entre son sommet du 19 f\u00e9vrier et le 8 avril, le S&amp;P 500 a recul\u00e9 de 18,9 %, en bonne partie dans les jours qui ont suivi les annonces tarifaires du 2 avril.<sup>nd<\/sup> Selon le sch\u00e9ma habituel, le dollar am\u00e9ricain aurait d\u00fb s\u2019appr\u00e9cier. Il n\u2019en a rien \u00e9t\u00e9 : le taux USD\/CAD a \u00e0 peine boug\u00e9, et l\u2019investisseur canadien a perdu 18,7 % \u2013 un montant presque \u00e9quivalent \u00e0 celui de son homologue am\u00e9ricain. La remont\u00e9e a ensuite jou\u00e9 contre les Canadiens. Pendant le reste d\u2019avril, le S&amp;P 500 a gagn\u00e9 environ 12 %, alors que le dollar canadien s\u2019appr\u00e9ciait de plus de 3 %, ce qui a laiss\u00e9 au Canadien un gain d\u2019environ 8 %. Pour l\u2019ensemble de l\u2019ann\u00e9e, une hausse de 16,4 % du S&amp;P 500 s\u2019est transform\u00e9e en gain de 11,0 % en dollars canadiens.9<sup>9<\/sup> La diff\u00e9rence avec 2008 tient \u00e0 l\u2019origine de la crise. Des travaux r\u00e9cents concluent que le dollar am\u00e9ricain ne s\u2019appr\u00e9cie de fa\u00e7on fiable que lors de crises de financement mondiales, quand les banques et les entreprises du monde entier se bousculent pour obtenir des dollars afin de rembourser leurs dettes. Lors des replis ordinaires, ses gains sont minimes et s\u2019estompent en quelques jours.10<sup>10<\/sup> La crise de 2008 et celle de mars 2020 \u00e9taient des crises de financement, alors que le repli de 2025 est n\u00e9 de la politique commerciale am\u00e9ricaine, ce qui a amen\u00e9 les investisseurs \u00e0 remettre en question les actifs am\u00e9ricains, y compris la devise. Quand les \u00c9tats-Unis sont \u00e0 l\u2019origine de la situation, il y a moins de raisons de s\u2019attendre \u00e0 ce que leur monnaie s\u2019appr\u00e9cie.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8, .wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8[data-kb-block=\"kb-adv-heading16834_6ca4a7-e8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8[data-kb-block=\"kb-adv-heading16834_6ca4a7-e8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_6ca4a7-e8[data-kb-block=\"kb-adv-heading16834_6ca4a7-e8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading16834_6ca4a7-e8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_6ca4a7-e8\">Ce que cela signifie pour les portefeuilles<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25, .wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25[data-kb-block=\"kb-adv-heading16834_de3afd-25\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25[data-kb-block=\"kb-adv-heading16834_de3afd-25\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_de3afd-25[data-kb-block=\"kb-adv-heading16834_de3afd-25\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_de3afd-25 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_de3afd-25\">Pour l\u2019investisseur \u00e0 long terme, couvrir le risque de change de ses actions am\u00e9ricaines a peu ajout\u00e9 au rendement. Sur 27 ans, l\u2019effet de change a laiss\u00e9 les rendements \u00e0 long terme \u00e0 peu pr\u00e8s inchang\u00e9s : 6,9 % par ann\u00e9e en dollars am\u00e9ricains, contre 6,7 % en dollars canadiens. Il a toutefois modifi\u00e9 la volatilit\u00e9 : 12,7 % par ann\u00e9e sans couverture, contre 15,1 % en dollars am\u00e9ricains. Autrement dit, l\u2019absence de couverture a procur\u00e9 un rendement presque identique avec une volatilit\u00e9 moindre. La couverture comporte aussi des co\u00fbts que ces chiffres ne refl\u00e8tent pas. Les rendements en dollars am\u00e9ricains ci-dessus repr\u00e9sentent une position parfaitement couverte, soit un sc\u00e9nario id\u00e9al. En pratique, les couvertures sont des contrats \u00e0 court terme qu\u2019il faut choisir, dimensionner et renouveler, ce qui engendre des erreurs de couverture. R\u00e9duire les co\u00fbts rend la couverture moins pr\u00e9cise, tandis que l\u2019affiner la rend plus co\u00fbteuse. Dans les deux cas, la couverture ajoute des co\u00fbts et de la complexit\u00e9 \u00e0 une strat\u00e9gie qui a peu ajout\u00e9 au rendement.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc, .wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc[data-kb-block=\"kb-adv-heading16834_1b82a5-dc\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc[data-kb-block=\"kb-adv-heading16834_1b82a5-dc\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_1b82a5-dc[data-kb-block=\"kb-adv-heading16834_1b82a5-dc\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_1b82a5-dc wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_1b82a5-dc\">Il existe des situations, comme le choc d\u2019origine am\u00e9ricaine de 2025, o\u00f9 la couverture aurait \u00e9t\u00e9 payante. Il s\u2019agissait toutefois d\u2019un bref \u00e9cart par rapport \u00e0 la tendance, en partie parce que la crise a \u00e9t\u00e9 de courte dur\u00e9e. Le dollar am\u00e9ricain continue de jouer un r\u00f4le central dans la finance mondiale, ce qui laisse penser qu\u2019il s\u2019appr\u00e9ciera probablement quand les march\u00e9s mondiaux reculent et que les investisseurs cherchent refuge, contribuant \u00e0 pr\u00e9server l\u2019effet amortisseur dont profitent les investisseurs canadiens depuis plus de quatre d\u00e9cennies.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75, .wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75[data-kb-block=\"kb-adv-heading16834_4a624e-75\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75[data-kb-block=\"kb-adv-heading16834_4a624e-75\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_4a624e-75[data-kb-block=\"kb-adv-heading16834_4a624e-75\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_4a624e-75 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_4a624e-75\">1 Bloomberg, indice S&amp;P 500 (cours) et taux de cl\u00f4ture quotidiens USD\/CAD, du 28 septembre 1980 au 28 septembre 2026; calculs de LetkoBrosseau. Les rendements excluent les dividendes. Rendement en $ CA = (1 + rendement en $ US) \u00d7 (taux USD\/CAD final \u00f7 taux USD\/CAD initial) \u22121. Les march\u00e9s baissiers et haussiers sont dat\u00e9s selon les sommets et les creux de cl\u00f4ture conventionnels du S&amp;P 500; la volatilit\u00e9 et les donn\u00e9es mensuelles reposent sur les cours de cl\u00f4ture de fin de mois.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84, .wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84[data-kb-block=\"kb-adv-heading16834_9d2185-84\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84[data-kb-block=\"kb-adv-heading16834_9d2185-84\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_9d2185-84[data-kb-block=\"kb-adv-heading16834_9d2185-84\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_9d2185-84 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_9d2185-84\">2 Statistique Canada, \u00ab Bilan des investissements internationaux du Canada, premier trimestre de 2026 \u00bb, Le Quotidien, 11 juin 2026.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96, .wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96[data-kb-block=\"kb-adv-heading16834_d77cb4-96\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96[data-kb-block=\"kb-adv-heading16834_d77cb4-96\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_d77cb4-96[data-kb-block=\"kb-adv-heading16834_d77cb4-96\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_d77cb4-96 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_d77cb4-96\">3 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b, .wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b[data-kb-block=\"kb-adv-heading16834_56a562-2b\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b[data-kb-block=\"kb-adv-heading16834_56a562-2b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_56a562-2b[data-kb-block=\"kb-adv-heading16834_56a562-2b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_56a562-2b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_56a562-2b\">4 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9, .wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9[data-kb-block=\"kb-adv-heading16834_d9afd0-b9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9[data-kb-block=\"kb-adv-heading16834_d9afd0-b9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_d9afd0-b9[data-kb-block=\"kb-adv-heading16834_d9afd0-b9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_d9afd0-b9 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_d9afd0-b9\">5 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b, .wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b[data-kb-block=\"kb-adv-heading16834_194bdb-1b\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b[data-kb-block=\"kb-adv-heading16834_194bdb-1b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_194bdb-1b[data-kb-block=\"kb-adv-heading16834_194bdb-1b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_194bdb-1b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_194bdb-1b\">6 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e, .wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e[data-kb-block=\"kb-adv-heading16834_64a291-1e\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e[data-kb-block=\"kb-adv-heading16834_64a291-1e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_64a291-1e[data-kb-block=\"kb-adv-heading16834_64a291-1e\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_64a291-1e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_64a291-1e\">7 J.-S. Fontaine et G. Nolin, \u00ab The Share of Systematic Variations in the Canadian Dollar\u2014Part II \u00bb (en anglais), Banque du Canada, Note analytique du personnel 2017-1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67, .wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67[data-kb-block=\"kb-adv-heading16834_dc81b7-67\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67[data-kb-block=\"kb-adv-heading16834_dc81b7-67\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_dc81b7-67[data-kb-block=\"kb-adv-heading16834_dc81b7-67\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_dc81b7-67 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_dc81b7-67\">8 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52, .wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52[data-kb-block=\"kb-adv-heading16834_312ad3-52\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52[data-kb-block=\"kb-adv-heading16834_312ad3-52\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_312ad3-52[data-kb-block=\"kb-adv-heading16834_312ad3-52\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_312ad3-52 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_312ad3-52\">9 Bloomberg; calculs de LetkoBrosseau. Voir la note 1.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0, .wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0[data-kb-block=\"kb-adv-heading16834_f931e4-d0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0[data-kb-block=\"kb-adv-heading16834_f931e4-d0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_f931e4-d0[data-kb-block=\"kb-adv-heading16834_f931e4-d0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_f931e4-d0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_f931e4-d0\">10 J. F. Adolfsen, A. M. Gr\u00f8nlund et T. Harr, \u00ab The US dollar: Not a traditional safe haven \u00bb (en anglais), VoxEU\/CEPR, 29 janvier 2026.<\/p>\n\n\n<style>.kadence-column16834_ae4842-a6 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column16834_ae4842-a6 > .kt-inside-inner-col{flex-direction:column;}.kadence-column16834_ae4842-a6 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column16834_ae4842-a6 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column16834_ae4842-a6{position:relative;}@media all and (max-width: 1024px){.kadence-column16834_ae4842-a6 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column16834_ae4842-a6 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column16834_ae4842-a6\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id16834_583619-90 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:8px;}.kt-accordion-id16834_583619-90 .kt-accordion-panel-inner{padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id16834_583619-90 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xs, 1rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xs, 1rem);}@media all and (max-width: 767px){.kt-accordion-id16834_583619-90 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id16834_583619-90 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:8px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id16834_583619-90 kt-accordion-has-2-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane16834_b3e211-cf\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">Mentions l\u00e9gales<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3, .wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3[data-kb-block=\"kb-adv-heading16834_f8ec0e-a3\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3[data-kb-block=\"kb-adv-heading16834_f8ec0e-a3\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading16834_f8ec0e-a3[data-kb-block=\"kb-adv-heading16834_f8ec0e-a3\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading16834_f8ec0e-a3 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading16834_f8ec0e-a3\">Les informations, estimations et opinions contenues dans les pr\u00e9sentes sont fournies \u00e0 titre indicatif seulement, sont sujettes \u00e0 changement sans pr\u00e9avis. \u00c0 moins d\u2019indication contraire, les renseignements sont pr\u00e9sent\u00e9s aux dates indiqu\u00e9es. Bien que ces renseignements soient consid\u00e9r\u00e9s comme exacts \u00e0 la date o\u00f9 ils ont \u00e9t\u00e9 pr\u00e9par\u00e9s, Letko, Brosseau &amp; Associ\u00e9s Inc. ne peut garantir qu\u2019ils sont exacts, complets et \u00e0 jour en tout temps. Lorsque les renseignements proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources sont consid\u00e9r\u00e9es comme fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante.<br>Aucune partie des pr\u00e9sentes ne peut \u00eatre reproduite ou distribu\u00e9e sans l\u2019autorisation \u00e9crite pr\u00e9alable de Letko, Brosseau &amp; Associ\u00e9s Inc.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Actions et devises : les notions de base Acheter des actions libell\u00e9es en devises \u00e9trang\u00e8res ajoute une dimension&#8230;<\/p>\n","protected":false},"author":6,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"post-category":[94],"investment-stategy":[],"media-type":[99],"publication_type":[63],"suited-for":[84,85],"topic":[89],"class_list":["post-16834","publications","type-publications","status-publish","hentry"],"acf":[],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"Nathan","author_link":"https:\/\/www.lba.ca\/fr\/author\/nathan\/"},"comment_info":"","_links":{"self":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/16834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/types\/publications"}],"author":[{"embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/users\/6"}],"version-history":[{"count":2,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/16834\/revisions"}],"predecessor-version":[{"id":16836,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/16834\/revisions\/16836"}],"wp:attachment":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media?parent=16834"}],"wp:term":[{"taxonomy":"post-category","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/post-category?post=16834"},{"taxonomy":"investment-stategy","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/investment-stategy?post=16834"},{"taxonomy":"media-type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media-type?post=16834"},{"taxonomy":"publication_type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publication_type?post=16834"},{"taxonomy":"suited-for","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/suited-for?post=16834"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/topic?post=16834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}