Canadian dollar headed lower as a deeper rate cut cycle looms ...Middle East

The Canadian dollar is the weakest performer today and if you read between the lines in Tiff Macklem's comments, the Bank of Canada is trying to put the possibility of a 50 basis point cut in October on the table, particularly if upcoming GDP reports highlight ongoing weakness.A big reason that they need to cut fast is that the housing pipeline is drying up. There are still 20,000 condos to be completed in Toronto alone in the next two years but single family starts and townhouses are stalling at a time when there is extreme pressure to improve affodability.Given Canada's construction productivity problems, the outlook isn't good. The alternative is that growing anti-immigration sentiment ca

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