Will BOC Fuel Loonie Breakout Tomorrow?

CAD Under Pressure

The Canadian Dollar is weakening today ahead of the upcoming Bank of Canada meeting tomorrow. On the back of data last week showing a fresh drop in inflation, traders are sensing the increased likelihood of a further cut from the BOC. Last month, the bank became the first out of the G10 bloc to begin easing rates this year (having been the first to hike post-pandemic) and signalled a willingness to press ahead with further easing.

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