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Market Update: Canadian Dollar Hovers 2-1/2-Month Low
The Canadian dollar swung between gains and losses around 1.25 in mid-July, as traders digested lower oil prices and the Bank of Canada monetary policy decision. Market sentiment remained somewhat subdued after policymakers decided to cut the weekly volume of bond purchases to C$2 billion from C$3 billion per week, signalling some missed expectations of a stronger tapering. Meanwhile, the central bank revised lower its 2021 growth estimates to 6% and expects the headline inflation rate to remain above 3% through the second half of the year. [/s2If]
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