Loonie at 73.96 U.S. cents
weakened against its U.S. counterpart on Thursday as oil prices fell and Bank of Canada Governor Tiff Macklem stopped short of endorsing the market’s recent move to price in another interest rate hike by the central bank.
Macklem suggested April’s inflation increase – the first in 10 months – was an anomaly and said consumer prices would continue to come down, in comments following the release of the BoC’s financial system report. “Markets have moved a lot over the past 48 hours, so there is some sensitivity just in the sense that they were looking for some validation and it was never going to be forthcoming today.”
As recently as Tuesday, before the release of the April inflation data, the market had been leaning toward the next move being a rate cut.
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