The Canadian dollar is at risk of extending its decline if the Bank of Canada signals interest rates have peaked. Find out more
“Central bank divergence is now the key driver of FX pairs,” said Bipan Rai, a currency strategist at Canadian Imperial Bank of Commerce. And in his view that puts the Canadian dollar, along with the Australian dollar, at risk because of their respective central banks.
Market positioning on the Canadian currency appears to have grown more bearish since January when policy makers in Ottawa said they will likely halt further hikes following a series of tightening moves that’s seen their benchmark climb to 4.5 per cent from its longstanding low of 0.25 per cent in early 2022.Article content
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