Loonie is trading mixed today ahead of economic releases expected in the next few days. With the US jobs data due tomorrow, and with a report from the Bank of Canada due on October 23, there is a lot of speculation about what will be revealed at those times.
On October 23, the Bank of Canada is expected to release its monetary policy report, as well as announce a rate decision. Right now, many analysts expect the BoC to reduce growth projections for the rest of the year. With Canada’s economy expected to grow slower than expected, the loonie is struggling just a bit against some of its counterparts.
However, there has been a little strength from the Canadian dollar, thanks to expectations that hiring in the United States has picked up somewhat. Between the better news in the United States and the slower growth in Canada, the loonie is having some trouble finding direction and is trading mixed.
While the Canadian economy has managed fairly well since the financial crisis of 2008, it is still very connected to the US economy, and that affects the loonie’s performance.
At 17:39 GMT USD/CAD is up to 1.0293 from the open at 1.0291. EUR/CAD is down to 1.4075 from the open at 1.4083. GBP/CAD is down to 1.6631 from the open at 1.6645
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