The Bank of Canada (BoC) announced on Wednesday that it would maintain its key interest rate at 5%, signaling a cautious approach amidst the delicate balance of rising inflation and sluggish economic growth. BoC Governor Tiff Macklem emphasized a shift in focus from contemplating rate hikes to determining the optimal duration to sustain the current […]
Currency analysts are painting a promising picture for the Canadian dollar (CAD) as central banks worldwide, including the influential Federal Reserve, edge closer to the conclusion of their interest rate hike campaigns. This optimism has been revealed in a recent Reuters poll, where nearly 40 experts have expressed their bullish forecasts, projecting the loonie to […]
The Canadian dollar is gearing up for a period of strength as the Bank of Canada (BoC) prepares to raise interest rates for a second consecutive meeting on July 12. In a recent survey conducted by Reuters, economists expressed their confidence in a quarter-point increase, which would push the overnight rate to 5.00%. This decision […]
Canada’s beloved loonie has been giving the US dollar a run for its money in recent weeks as it continues to strengthen against its American counterpart. In a surprising twist, this comes as investors are cheering on the Federal Reserve’s signal that it’s about to take a breather in its tightening campaign. The Canadian dollar […]
The Canadian dollar (CAD) was the best performer last week, thanks to a surprisingly strong job report that exceeded expectations. The report showed an increase of 150k in headline growth, with gains concentrated in full-time jobs in the private sector. The news has raised the possibility of further rate hikes by the Bank of Canada […]
The Canadian dollar (CAD) softened against the US dollar (USD) on Wednesday following a Bank of Canada (BoC) announcement. In a recent press release, the Bank of Canada announced that it will be raising interest rates by 25 basis points, citing persistently elevated inflation and increased resilience from the United States and Europe in terms […]
The Canadian Dollar (CAD) did not particularly perform well last week relative to its major rivals, with losses against the US dollar (USD), the euro (EUR), and the pound sterling (GBP). Poor economic data that pointed to a slowdown in the economy as well as the early drop in oil prices pushed down the CAD. […]
Despite Chrystia Freeland, Canada’s finance minister, promising not to make the task of monetary policy tougher, analysts said the country’s plan to spend an additional 6.1 billion Canadian dollars ($4.5 billion) over the course of the next five months may weaken the central bank’s efforts to contain inflation. The spending plan, which Freeland outlined in […]
The USD/CAD pair resumed a bearish momentum on Tuesday as the currency pair approached its monthly low of 1.2837. The Canadian dollar could come under additional pressure from the Consumer Price Index (CPI) data release tomorrow as economists expect an increase to 8.4% in June from the 7.7% annual rate recorded in May. Also, worsening […]
