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TORONTO, July 24 - The Canadian dollar weakened to a three-month low against its U.S. counterpart on Wednesday as the Bank of Canada lowered interest rates, as expected, for a second time in two months and signaled it was likely to ease further.
"The market initially is taking it a little bit dovishly," said Michael Greenberg, head of Americas portfolio management, at Franklin Templeton Investment Solutions. Investors see a roughly 50% chance of another rate cut at the next policy announcement in September and 43 basis points of additional easing in total this year.
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