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The Canadian dollar weakened in early trade on Friday after third-quarter GDP was estimated at a 1.9% annualized rate, below expectations. Traders also worried the Federal Reserve would take a more hawkish stance on inflation.
A Scotiabank strategist said the loonie could slide toward 1.25 or 1.26 if the Bank of Canada does not signal a faster hiking path.
Weaker-than-expected Canadian growth and a firmer U.S. dollar lift USD/CAD. Oil prices are a key driver of the loonie, so the currency move feeds into Canadian energy and commodity export values.
fxempire.comVivek KumarOct 29, 2021Not 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.
