# Bank of Canada cuts rates, sees weaker economy in 2024 | Reuters

> 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.

- Date: 2024-07-24 · published 2024-07-24T12:00:00.000Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/29499-bank-of-canada-cuts-rates-sees-weaker-economy-in-2024-reuters
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker Canadian growth outlook and lower rates tend to weaken the loonie, which can support Canadian canola and other exports priced in USD.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/rates-bonds/bank-canada-cuts-rates-again-frets-about-low-growth-2024-07-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.