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Canadian Dollar Slips Following Powell’s Speech
TOPICSTags: Canadian Dollar, Powell, Rate Cut, USDCAD
The Canadian dollar slipped against its U.S. counterpart on Monday as Federal Reserve Chair Jerome Powell tempered expectations for another substantial interest rate cut. However, the Loonie managed to retain much of its quarterly gains. USDCAD was down 0.1% at 1.3530 on Monday, with the currency losing 0.3% for the month but posting a 1.1% gain for the third quarter.
(USDCAD Daily Price Chart, Source: Trading View)
The U.S. dollar strengthened against a basket of major currencies, while U.S. bond yields climbed as Powell emphasized that Fed policy was not on a predetermined path, noting that risks were “two-sided.” The Canadian dollar’s decline on Monday was more a reflection of U.S. dollar strength as investors reassessed the likelihood of a larger-than-expected rate cut by the year’s end.
In addition, the Bank of Canada has also been reducing borrowing costs. Canada’s GDP grew by 0.2% in July, but a preliminary estimate suggested that growth likely stagnated in August, fueling expectations for a larger rate cut this month. The BoC has already reduced rates three times since June in quarter-percentage-point increments but indicated it could shift to more significant cuts if economic conditions warrant.
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