International trade risks are mounting and the Canadian interest rate outlook has deteriorated, leading analysts to cut their forecasts for the Loonie and warn of further losses to come.
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Trade tensions mean there are downside risks to expectations of further Canadian interest rate rises as well as the Loonie, which is still close to an eight month low against the greenback.
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GBP/CAD looks vulnerable to a bearish reversal after the US exempts Canadian steel from punitive tariffs.
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"This wasn't a very exciting report, but seems more indicative of the underlying trend in the labour market than what had been seen in recent months." - CIBC Capital Markets.
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“The uncertainty over the future of the North American Free Trade Agreement (NAFTA) has turned out to be a bigger drag on CAD than we originally anticipated."
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“There appear ample reason for central bankers to remain on the sidelines. As a result, we're sticking to our call that the BoC only hikes interest rates once more in 2018."
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“We still like GBP/AUD upside as a medium-term monetary policy divergence view but we think GBP/CAD over the next few weeks could be the better trade.” - Nomura
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