Bank of Canada Governor Tiff Macklem has said that Most of the recent appreciation of the Canadian dollar is primarily the result of the weakness of the US dollar. On the other hand, Macklem has added that there is a risk of Additional gains in the loonie that could pose downside risks to the BoC’s economic assessment. In fact, the strength of CAD is weighing on exports.
He USD / CAD continues to trade below 1.2650, but recovering from the low of 1.2606 reached when the BoC announced its decision on rates. The main bullish driver for the loonie is the BoC’s update of its growth forecasts.
Journalists they had asked Macklem if the BoC was considering a rate cut and he declined to answer. The current rate is 0.25%.
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