Very few currencies strengthened versus the loonie last year
This translation has been automatically generated and has not been verified for accuracy.Out of 139 global currencies tracked by Bloomberg, 132 declined in value relative to the loonie last year. This included several major currencies, including the British pound , U.S. dollar and euro .
As such, 2019 was something of a rebound, given close to 80 per cent of currencies strengthened versus the Canadian dollar in 2018.One factor supporting the loonie is that the Bank of Canada has maintained interest rates, while many of its peers cut rates last year in response to economic headwinds. However, if weak economic data continues to pile up in Canada, the BoC could be compelled to cut rates as well, thus weighing on loonie performance in 2020.
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