Loonie at 69.57 U.S. cents
steadied against the U.S. dollar on Monday, clawing back its earlier declines, as investors weighed domestic GDP data as well as minutes from the Bank of Canada’s latest meeting that showed some members favoured a smaller rate cut.U.S. cents, after trading in a range of 1.4350 to 1.4433.
“We continue to expect Canadian central bankers to cut rates by another 25 basis points in January and then pause in March to assess how the economy responds to lower interest rates,” Tiago Figueiredo, a macro strategist at Desjardins, said in a note. Canada’s economy exceeded market expectations with 0.3 per cent growth in October, led by increases in oil and gas extraction and manufacturing, but gross domestic product likely contracted in November.
Canadian Prime Minister Justin Trudeau is under increasing pressure from his own legislators to step down and let someone else take over.
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