Analysts have cut their bullish near-term forecasts for the loonie
Analysts have cut their bullish near-term forecasts for the Canadian dollar as China’s economy weakens and the gap between U.S. and Canadian bond yields grows, but still expect the currency to be stronger in a year, a Reuters poll showed.
China’s economic growth is slowing as policymakers try to fix a property market downturn. Canada is a major producer of commodities, so the loonie tends to be sensitive to the global growth outlook. Canada’s economy unexpectedly contracted in the second quarter at an annualized rate of 0.2%, and growth was most likely flat in July, data showed on Friday.
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