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Here’s why the Canadian dollar just hit a 26-month high
The Canadian dollar traded at a 26-month high against the U.S. dollar a day ahead of Wednesday’s Bank of Canada meeting, where analysts expect hawkish comments to continue propelling the loonie to new heights. The U.S. currency hit an intraday low of C$1.2337 against its Canadian counterpart USDCAD, -0.2658% on Tuesday, its weakest level versus its cross-border rival since July 2015. “The break to the recent lows now opens up some air pockets to C$1.213. Still, given the rapid adjustment in Canadian rates and our view that the [Bank of Canada] remains on hold, we look for some profit-taking first,” said Mark ... (full story)