Canadian Dollar Falls Ahead of Bank of Canada Decision
The Canadian dollar weakened against the US dollar as oil prices declined and investors awaited an expected interest rate hike by the Bank of Canada. Traders adopted a cautious stance ahead of central bank announcements in both Canada and the United States.
Xurve View
Insights:
Xurve View
Canada's dollar fell 0.3% to 1.4050 per United States dollar on Tuesday afternoon, pulling back from a five-week high as oil prices dropped. The currency retreat comes as investors square positions ahead of an anticipated central bank rate increase. Markets are pricing in a 75% probability of policy tightening, which would mark the first rate hike since July 2023.
