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Traders Are Most Bearish on Canadian Dollar in a Year on Rate-Cut Bets
Traders are the most bearish on the Canadian dollar in a year on expectations that Bank of Canada policymakers will telegraph interest-rate cuts when they announce their decision on Wednesday, or possibly even deliver a surprise easing. Wells Fargo & Co., Monex Europe Ltd., Royal Bank of Canada and Bank of America Corp. are penciling in more weakness for the Canadian currency in the coming months relative to the US dollar as they see the central bank turning more dovish on rates and signaling that it may move forward with earlier, deeper rate cuts than the Federal Reserve this year. Pricing in the options market ... (full story)