weakened against its U.S. counterpart on Tuesday after the release of disappointing GDP data that reinforced investor bets for the Bank of Canada to leave its benchmark interest rate on hold in a policy decision next week.
Money markets continued to expect that Canada’s central bank will hold its benchmark rate at 4.50 per cent in a March 8 policy announcement and trimmed bets that it will be forced to tighten again later this year. The Canadian dollar was trading 0.1 per cent lower at 1.3590 to the greenback, or 73.58 U.S. cents, after moving in a range of 1.3561 to 1.3609. On Friday, it hit a seven-week low at 1.3665.
Here comes a depression, hopefully we can recover quickly.
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