The Bank of Canada governor has routinely taken aim at the loonie, and Tuesday night in a speech at the University of Alberta business school, he reiterated the recent run-up is a headwind for Canadian exporters.
The Canadian dollar weakened to a two-week low against its U.S. counterpart on Thursday, brushing off firm domestic data a day after the Bank of Canada left the door open to cutting interest rates.
(Bloomberg) — The Canadian dollar is off to its best annual start since it became a floating currency in 1970 amid a pullback in the U.S. currency and signs the economy is picking up speed.
A suggestion from the head of Canada’s central bank that an interest rate cut “remains on the table” sent the Canadian dollar down more than a full U.S. cent on Wednesday.
After a rough 2016, a currency prognosticator at a major investment bank says he expects more pain for the Canadian dollar next year, predicting a low of around 65 cents US in the next 12 months.
By Alastair Sharp
Canadian dollar may go as low as 70 cents US in 2017, experts say