Loonie at 75.87 U.S. cents
weakened to its lowest level in more than two months against its U.S. counterpart on Thursday as oil prices fell and the prospect of aggressive tightening by the Federal Reserve weighed on investor sentiment.
Meanwhile, Canada’s average resale home price fell 3.9 per cent from a year ago in August but was up 1.2 per cent on the month as the market appeared to stabilize in the Greater Toronto Area. As investors weigh how much further the BoC will tighten, the level of underlying inflation is likely to be a better signpost than the central bank’s much scrutinized estimate of the neutral interest rate, economists say.
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