The Canadian dollar edged lower against its U.S. counterpart on Friday after preliminary data showed the domestic economy contracting in June, a possible sign that higher borrowing costs are working to slow activity.
The loonie was trading 0.1% lower at 1.3240 to the greenback, or 75.53 U.S. cents, after touching its weakest intraday level since July 11 at 1.3249. For the week, the currency was also down 0.1%.grew 0.3% in May and likely contracted 0.2% in June, pointing toward a slowdown that could bring an end to the Bank of Canada's monetary tightening campaign that has pushed interest rates to a 22-year high.
The data suggests "that underlying momentum is weakening as higher borrowing costs begin to bite," Karl Schamotta, chief market strategist at Corpay, said in a note.rose at its slowest pace in more than two years in June, with underlying price pressures receding, a trend that, if sustained, could push the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s.
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