USD/CAD: Loonie has limited potential for a recovery – Commerzbank USDCAD Growth Canada BOC Banks
Canadian Q3 GDP was up more than expected. Details were more downbeat however. Economists at Commerzbank maintain a CAD bearish stance.“At 2.9% the seasonally adjusted QoQ rise came in well above Bloomberg consensus expectations of 1.5% . Looking at the details revealed a fly in the ointment, i.e. gross fixed asset investment and private household consumer spending had fallen.”
“In view of the weakening economy the market seems to be lowering its rate hike expectations for the Bank of Canada’s December meeting. The market seems to have priced in a rather smaller rate step of 25 bps.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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