The Canadian dollar will edge higher against the greenback over the coming year,...
TORONTO - The Canadian dollar will edge higher against the greenback over the coming year, as a recovering domestic economy forestalls Bank of Canada interest rate cuts despite expected easing from the U.S. Federal Reserve, a Reuters poll predicted.
Canada’s unemployment rate dipped to a record low of 5.4% in May and two of the Bank of Canada’s three measures of core inflation edged above the central bank’s 2% target. In contrast, the Fed indicated in June it could cut interest rates as early as this month due to growing risks to the U.S. economy, especially related to the trade war between Washington and Beijing, and low inflation.
“There may be some disappointment in store in the trade negotiations between China and the United States, not to mention the possibility that the Trump Administration may again threaten to hit Mexico with tariffs,” said Hendrix Vachon, a senior economist at Desjardins.
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