The Portfolio Management Team increased the currency hedge position on the U.S. dollar exposure for Counsel Retirement Income Portfolio to 90% from 65% effective October 20, 2017. The decision was based on the technical signals that the team monitors, which showed that the U.S. dollar had strengthened relative to the Canadian dollar to a point where it was trading above both the longerterm and mid‐term moving averages.
Despite this recent strength, the Canadian dollar is still forecast to rally against the U.S. dollar into 2018. Increasing the hedge now will provide protection against a Canadian
dollar increase and reduce any unwanted currency risk in this income‐oriented portfolio.
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