Loonie should rise against greenback
MARKET VOICE
Since the autumn of 2006, the Canadian dollar (CAD) has been a dismal performer, losing significant value against most of the majors. The weakness materialised as commodities collapsed, the Canadian economy disappointed and the market dramatically scaled back its expectation for a reduction in the level of US interest rates. The market moved from anticipating two rate cuts, to virtually no change in 2007. Consequently, CAD weakened dramatically.
In the near term, CAD should weaken further
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