Loonie at 70.70 U.S. cents
strengthened against its U.S. counterpart on Wednesday as the Bank of Canada cut interest rates by half a percentage point, as expected, but shifted to more hawkish guidance on prospects for additional easing.
“The decision to cut by 50 bps has largely been overshadowed by a hawkish shift in guidance from the BoC,” said Nick Rees, senior FX market analyst at Monex Europe Ltd. BoC Governor Tiff Macklem also said for the first time that the possibility U.S. President-elect Donald Trump’s incoming administration might impose tariffs on Canadian exports represented “a major new uncertainty.”
Money markets see a roughly 60 per cent chance the BoC will cut its policy rate by 25 basis points in January, with the market pricing in a 40 per cent chance of a pause in cuts.
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