Canadian dollar forecasts trimmed by analysts as BoC moves closer to rate cuts: Reuters poll

Subject of emergency alert message arrested - May 2, 2024 | SaltWire #dartmouth #update #suspectTORONTO - The Canadian dollar is set to strengthen less than previously expected over the coming year as the Bank of Canada makes progress on taming inflation and will likely begin cutting interest rates ahead of the Federal Reserve, a Reuters poll found.

"In the near term, I think there are going to be some headwinds," said Bipan Rai, global head of FX strategy at CIBC Capital Markets."That's primarily a story about Canada potentially getting closer to rate cuts relative to the Federal Reserve." "The Bank of Canada has made more progress on its inflation mandate than the Fed has at this point ... It's also clear if you look at the relative performance of the economy," Rai said.

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