Canadian Dollar Steadies Near Low Amid Trade Uncertainty
The Canadian dollar remained near a six-week low at 1.3838 per U.S. dollar as investors weighed a recent technical recession and upcoming trade negotiations. Market participants expect the Bank of Canada to maintain interest rates at 2.25 percent next week while monitoring the CUSMA trade pact review.
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Canada's dollar held near a six-week low at 1.3838 against the United States dollar on Tuesday afternoon as trade tensions and weak growth weighed on the currency. The Canadian dollar previously touched 1.3869 on Thursday, following a 0.1% annualized GDP contraction in the first quarter. Investors face a widening growth gap between a resilient U.S. economy and a Canadian economy emerging from a technical recession.
