Loonie at 70.61 U.S. cents
edged higher against its U.S. counterpart on Tuesday as oil prices rose, but the currency held near an earlier 4½-year low as investors bet on another supersized interest rate cut this week from the Bank of Canada.
Investors see an 88 per cent chance the BoC will cut interest rates by half a percentage point to 3.25 per cent on Wednesday, after easing by that magnitude in October for the first time in 15 years outside of the pandemic era. “USD positioning and short-term valuations remain quite stretched which can provide some offset to USD strength. However, we remain strong USD bulls through early 2025, and believe USD dips will be brief and shallow.”
Canadian Dollar Dollar Exchange Value Loonie Nopop
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