Loonie at 75.47 U.S. cents
dollar weakened to a near two-week low against its U.S. counterpart on Wednesday as the greenback notched broad-based gains and investors grew less certain that the Bank of Canada would hike interest rates further next month.
“The market is losing confidence that the Bank of Canada will hike again next month,” said Adam Button, chief currency analyst at ForexLive. “A July hike is unnecessary,” Button said. “The Bank of Canada is going to see economic weakness developing in Canada.” One potential measure of support for the loonie was a rebound in the price of oil, one of Canada’s major exports.
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