Loonie at 73.53 U.S. cents
weakened to a three-month low against its U.S. counterpart on Tuesday as cooler-than-expected domestic inflation data bolstered expectations of the Bank of Canada beginning to cut interest rates in the coming months.
Canada’s annual inflation rate in February unexpectedly cooled to 2.8%, its slowest pace since June, and core inflation measures eased to more-than two-year lows. “The data alone ... it would suggest that the Bank of Canada has a green light to cut rates but they’re kind of tethered to Fed policy. And part of that has to do with if they start cutting too soon or by a greater amount then you could have the loonie depreciate quite dramatically.”
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