Loonie Weakens as Markets Await Canadian GDP Figures
The Canadian dollar edged lower as investors awaited quarterly GDP data. Markets also weighed central bank comments on labor shifts before the June rate decision.
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USD/CAD rose 0.1% to 1.3805 on Tuesday as the Canadian dollar weakened ahead of domestic growth data. The currency traded near a six-week low while investors awaited first-quarter GDP figures due on Friday. A modest recovery may allow the Bank of Canada to maintain interest rates amid softening labor market conditions.
