Loonie at 73.21 U.S. cents
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. “With respect to dollar-Canada, I am still a bit concerned about top-side risk ... I don’t think we are pricing in enough in terms of easing for 2024,” Rai said. The U.S. dollar added to its recent gains against a basket of major currencies as the Institute for Supply Management said its non-manufacturing PMI rose last month to its highest level since February.
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