Canadian Dollar Weakens Against US Dollar Ahead of Inflation Data

weakened against its U.S. counterpart on Monday, approaching a five-month low, ahead of domestic inflation data that could offer clues on the timing of Bank of Canada interest rate cuts.

“The CAD is liable to remain soft unless or until there are some significant changes in U.S. or Canadian monetary policy dynamics,” Shaun Osborne, chief currency strategist at Scotiabank, said in a note. Also on Tuesday, Canada is due to present its budget. Finance Minister Chrystia Freeland will have to find ways to amp up savings or raise taxes as recent new heavy spending plans further risks weakening government finances, economists say.

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Dollar Weakens as US Data Points to Easing Inflation PressureA dollar gauge saw its biggest drop in nearly four weeks on Wednesday as price pressures in the US services industry eased and Federal Reserve Chair Jerome Powell said he wants to see inflation move sustainably to the US central bank’s 2% goal before starting to lower interest rates.
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