Loonie at 73.64 U.S. cents
weakened against its U.S. counterpart on Monday as the greenback notched broad-based gains and a quarterly business survey from the Bank of Canada left the door open to interest rate cuts over the coming months.
“It just reinforces that in Canada ... there’s slack in the economy and weaker consumer demand. At the same time, inflation is starting to trend lower,” said Aaron Hurd, senior portfolio manager in the currency group at State Street Global Advisors.Investors expect the BoC to begin easing in June or July.
The Canadian dollar was trading 0.3 per cent lower at 1.3580 per U.S. dollar, or 73.64 U.S. cents, after trading in a range of 1.3516 to 1.3586. The U.S. dollar rallied against a basket of currencies as data showed U.S. manufacturing growing for the first time in 1-1/2 years in March. It follows data on Friday that showed strength in consumer spending alongside moderating inflation.
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