Loonie Weighs Its Options
It was a tradeoff for Canadian dollar in Thursday’s session. The Bank of Canada’s quarterly monetary policy report killed any possibility of an eighth interest rate hike in the foreseeable future, while crude oil prices were soaring to fresh all-time highs. This situation brings to the forefront the battle of what will drive the loonie in the months to come – the commodity correlation or the halt to interest rate hikes and the implications for dour growth expectations.
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