The beaten-down loonie will head even lower by this summer, one of Canada’s largest banks predicted Thursday.
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The beaten-down loonie will head even lower by this summer, one of Canada’s largest banks predicted Thursday.
Read more: http://tinyurl.com/k26ojfm
The Canadian dollar may be losing value against its U.S. counterpart, but central banks around the world still seem to like it.
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Another seismic shift in the Canadian dollar may already be under way and unsuspecting investors could pay dearly.
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The Canadian dollar lost more ground on Monday, falling to its lowest intraday level in more than two years.
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With the Canadian dollar expected to continue its downward spiral well into the summer, Canadians may find themselves out of luck when it comes to bargain hunting south of the border.
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Despite widespread market sentiment that the Canadian dollar is overvalued and overdue for a fall, the loonie continues to move higher against its U.S. counterpart and is within spitting distance of returning to parity.
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Could Iceland look to loonie again?
Iceland is on the verge of a new coalition government made up of two parties, one of which recently toyed with the idea of ditching the tiny country’s currency and adopting the Canadian dollar.
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Canada’s largest bank is forecasting the economy will do slightly better than most expect in the next two years, and one reason why is that the Canadian dollar won’t.
The Royal Bank is projecting growth rates of 1.8 per cent for 2013 and 2.9 per cent for 2014, which is a couple of decimal points better than the consensus estimate federal Finance Minister Jim Flaherty will be using in Thursday’s budget.
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TORONTO – The Canadian dollar was lower after the Bank of Canada said it’s leaving the key overnight interest rate unchanged at one per cent and again suggested it will stay that low for some time.
The currency slipped 0.4 of a cent to a fresh, eight-month low of 96.88 cents US as the bank said that “the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.”
Read more: http://tinyurl.com/bdcoezb
The loonie sunk to a two-month low against the U.S. dollar this week after the Bank of Canada cut its economic growth forecast and said interest rate hikes were less imminent. BNN asks Shaun Osborne, chief currency strategist, TD Securities whether the pullback is a long-term trend.
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