The Canadian Dollar was softer after investors lowered the odds of another interest rate hike from the Bank of Canada following its latest interest rate decision and assessment of the economic outl…
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In the coming week, the Canadian Dollar's main focus is the Bank of Canada (BoC) decision midweek, where the market favours an announcement for the policy rate to be maintained at 5.0%.
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The Pound's upside momentum against the Canadian Dollar has stalled, leading an analyst at one of Canada's primary banks to warn a reversal could soon occur.
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The Canadian Dollar fell against the majority of G10 currencies following the release of data that showed inflation in Canada was slowing faster than economists expected.
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The Canadian Dollar is expected to undergo "more Weakness Before a Revival in 2024" according to economists at CIBC, one of Canada's largest lenders and investment banks.
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GBPCAD's short-term rebound has been halted by a flareup in geopolitical tensions, although it is too soon to say the pair is about to return to lows around 1.6350.
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The Canadian Dollar rallied against the Dollar, Pound, Euro and all other G10 currencies after Canada created more than three times the number of jobs in September than the market had expected.
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