By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened to a five-month low against its U.S. counterpart on Wednesday as the Bank of Canada ...
Connor Bedard - toe drag release | SaltWireTORONTO - The Canadian dollar weakened to a five-month low against its U.S. counterpart on Wednesday as the Bank of Canada left rates on hold as data showed unexpected strength in the U.S. services sector, boosting the greenback.
"The price action reflects a balanced Bank of Canada statement," said Bipan Rai, global head of FX strategy at CIBC Capital Markets. The Canadian central bank held its key interest rate at 5%, noting the economy had entered a period of weaker growth. Money markets see roughly 50 basis points of rate cuts by the Bank of Canada in 2024, compared to nearly 100 basis points by the Federal Reserve.
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