The Canadian dollar saw a modest increase against the U.S. dollar on Friday, but it is still expected to decline weekly and monthly. The third-quarter GDP growth of 1% was lower than expected, increasing predictions for a significant interest rate cut by the Bank of Canada in December. Bond yields and oil prices also saw some changes.
TORONTO, Nov 29 - The Canadian dollar edged higher against its U.S. counterpart on Friday but was still headed for a weekly and monthly decline as domestic gross domestic product data bolstered bets for an outsized interest rate cut from the Bank of Canada in December.
"I think from the bank's perspective, this is going to add to the case for another 50 basis point cut in December," said Robert Both, Canadian macro strategist at TD Securities. For the week, the loonie was down 0.1%, while it was down 0.5% for the month, its third straight monthly decline. The U.S. dollar , opens new tab weakened on Friday against a basket of major currencies as hotter-than-expected Tokyo inflation data supported bets for a Bank of Japan interest rate hike next month.
Canadian Dollar GDP Growth Interest Rate Cut Bank Of Canada Oil Prices
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