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Market Update: Canadian Dollar Sinks to Over 7-Week Low
The Canadian dollar extended losses to 1.23 per USD towards the end of the third week of June, the weakest exchange rate for the loonie since late April of 2021, as traders saw the Federal Reserve catch up to Bank of Canadas hawkish stance after it announced plans to hike interest rates by 2023, at least a year sooner than earlier plans, and start discussing the gradual tapering of its bond buying scheme. The Canadian central bank was the first among advanced economies to slow the pace weekly of government bond purchases, now traders expect the next taper to come at the next monetary policy meeting on July 14th. [/s2If]
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