Oil, U.S. dollar and bank rate all in play in determining near-term course
The loonie may finally be poised to break out of a the trading range that’s held it in place for the better part of 20 months, setting up a rally in 2021 that could see it hit 82 cents to the U.S. dollar.
Trading within that range was still enough to make the loonie the best-performing major currency against the greenback in 2019. Our dollar held firm, Brown said, in comparison to other currencies because the Bank of Canada did not follow the monetary policy trends laid out by other major central banks of cutting interest rates.
“The Bank of Canada is so concerned about potentially adding to the household debt burden by lowering interest rates and making debt cheaper that I don’t think by itself is enough to get the bank to cut interest rates,” he said. Sunlife Global Investments chief investment officer Sadiq Adatia sees the loonie having a meagre year. “It’s going to be more rangebound than anything else,” said Adatia. Unlike Brown, Adatia estimates there will not be much movement in the energy sector and is leaving the door open for a Bank of Canada rate cut. And while the U.S.
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