Loonie at 73.37 U.S. cents
weakened to a four-month low against its U.S. counterpart on Friday as domestic data showing a surprise decline in jobs raised expectations the Bank of Canada would begin cutting interest rates in June.
“Today’s data confirms that the Canadian economy isn’t as strong as official GDP data and the BoC are making out, and that substantial rate cuts are needed,” said Simon Harvey, head of FX analysis for Monex Europe and Monex Canada. Investors see a roughly 80 per cent chance the Canadian central bank would begin cutting rates in June, up from 68 per cent before the data. A June start to rate cuts was also the view of the majority of economists in a Reuters poll.
Separate data showed U.S. job growth beating expectations, boosting the U.S. dollar against a basket of major currencies.
Canadian Dollar Dollar Exchange Value Loonie Nopop Cent Canada United States Gap Bank Rate Economy Boc
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