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The Bank of Canada cut its key rate by 25 basis points to 4.5% for the second consecutive meeting and trimmed its 2024 GDP forecast to 1.2% from 1.5%. The central bank said future cuts will depend on incoming data.
A weaker Canadian growth outlook and lower rates tend to weaken the loonie, which can support Canadian canola and other exports priced in USD.
reuters.comPromit MukherjeeJul 24, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
