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The Canadian dollar rose 0.3% to 1.3640 per U.S. dollar on May 31 as a drop in U.S. bond yields offset higher bets on a Bank of Canada cut. Canadian GDP grew at an annualized 1.7% in the first quarter, below forecasts.
Odds of a June 5 cut climbed to 80% from 66%.
Weaker Canadian growth and a likely BoC easing cycle point to a softer loonie over time. That would lower the cost of Canadian oilseed and grain exports for buyers in other currencies.
kitco.comMay 31, 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.
