Loonie at 71.10 U.S. cents
steadied against its U.S. counterpart on Wednesday, keeping some distance from a recent 4-1/2-year low, as oil prices fell and investors continued to bet on a Federal Reserve interest rate cut this month.
Last month, the currency touched its weakest level since April 2020 at 1.4177 as investors grappled with the threat of U.S. trade tariffs. His remarks did little “to alter the market’s view that the Fed will likely trim rates on December 18,” Sal Guatieri, a senior economist at BMO Capital Markets, said in a note.
Canada’s services economy expanded for a second straight month in November as firms added staff, S&P Global’s Canada services PMI data showed. The headline business activity index rose to 51.2 from 50.4 in October.
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