Canadian dollar underperforms as the Fed gets a greenlight to cut ...Middle East

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The Canadian dollar is underperforming today and at first the move is puzzling but at second looks shows why it makes sense.The loonie is up 0.5% today and that's a good gain but it's far short of the +1.2% for the Australian and New Zealand dollars. The loonie is also underperforming the pound, yen and euro. That's despite a strong day for equities with the S&P 500 up 1.2% to a record high and oil up $1.33 to $79.22.Why is the loonie sluggish?I believe this is about the Bank of Canada. Last week we saw the BOC (and ECB) remain cautious about further rate cuts. I believe that's about to fade away. Central banks don't like to detach too far from the Federal Reserve and if the Fed is dovish to

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Last updated : 12 June 2024 clock 05:40 PM

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Canadian dollar underperforms as the Fed gets a greenlight to cut ...Middle East

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