Canadian Dollar tumbles for sixth straight day
- The Canadian Dollar fell further on Wednesday, shedding another half of a percent.
- Canada remains hamstrung on the economic calendar until Friday’s labor print.
- Analysts expect another 50 bps rate cut from the BoC.
The Canadian Dollar (CAD) backslid again on Wednesday, shedding another percent against the Greenback. The US Dollar continues to gain ground across the board, with a notable lack of broad-market CAD bullishness sending the Loonie into multi-week lows.
Canada remains largely absent from the economic calendar for most of this week, leaving what few CAD traders remain at the table to sit and wait for Friday’s Canadian labor update. Global financial markets continue to hinge their outlook entirely on central bank action, and the Bank of Canada (BoC) is widely expected to undermine the Canadian Dollar once more with another outsized rate cut believed to be in the pipe.
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