C$ posts biggest monthly loss since October as rate outlooks diverge

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Cineplex shuts its doors in Bridgewater | SaltWire #novascotia #cineplex #bridgewater #closureTORONTO - The Canadian dollar weakened to an 11-day low against its broadly stronger U.S. counterpart on Tuesday as slower-than-expected domestic economic growth supported bets the Bank of Canada would cut rates more deeply than the Federal Reserve.

"Lower expected growth in Canada and a more rate sensitive economy is likely to force BoC policy to diverge with the Fed in a meaningful way over the next few quarters," said Geoff Phipps, a trading Strategist and portfolio manager at Picton Mahoney. The Canadian dollar was trading 0.7% lower at 1.3750 per U.S. dollar, or 72.73 U.S. cents, after earlier touching its weakest level since April 19 at 1.3760. For April, the loonie was down 1.5%, its biggest monthly decline since October.

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