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TORONTO, April 1 - The Canadian dollar weakened against its U.S. counterpart on Monday as the greenback notched broad-based gains and a quarterly business survey from the Bank of Canada left the door open to interest rate cuts over the coming months.
"It just reinforces that in Canada ... there's slack in the economy and weaker consumer demand. At the same time, inflation is starting to trend lower," said Aaron Hurd, senior portfolio manager in the currency group at State Street Global Advisors.Investors expect the BoC to begin easing in June or July.
The Canadian dollar was trading 0.3% lower at 1.3580 per U.S. dollar, or 73.64 U.S. cents, after trading in a range of 1.3516 to 1.3586.
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