USD/CAD (CAD=X)
| Previous Close | 1.3580 |
| Open | 1.3587 |
| Bid | 1.3563 |
| Day's Range | 1.3545 - 1.3605 |
| 52 Week Range | 1.3091 - 1.3892 |
| Ask | 1.3568 |
FX EmpireLoonie Struggling Amid Weaker GDP and a Cautious BoC
The Canadian dollar has declined against the greenback this week as the Bank of Canada kept rates on hold at 5%.
ReutersCanadian dollar forecasts turn less bullish as BoC rate cuts eyed: Reuters poll
Analysts see less upside for the Canadian dollar than previously thought over the coming year as recent data showing a slowdown in the domestic economy brings forward the expected start of Bank of Canada interest rate cuts, a Reuters poll found. The median forecast of 35 foreign exchange analysts surveyed in the Dec. 1-5 poll was for the Canadian dollar to strengthen 0.4% to 1.3533 per U.S. dollar, or 73.89 U.S. cents, in three months, compared with 1.3450 in a November poll. "Our view is the Canadian dollar is going to face a difficult next three months as the data starts to look like the Canadian economy is teetering on the edge of recession if not in a mild recession," said Simon Harvey, head of FX analysis for Monex Europe and Monex Canada.
FX EmpireWhat To Expect From The Bank Of Canada’s Next Interest Rate Announcement
The Bank of Canada (BoC) is set to release its final interest rate report on 6 December, marking the eighth interest rate announcement this year. The rate is expected to remain at the current level.
