Key Points
TORONTO, Nov 14 (Reuters) - The Canadian dollar weakened further beyond a key psychological level against its U.S. counterpart on Thursday, pressured by broad-based gains for the American currency and the potential for U.S. trade tariffs to hurt the domestic economy...
"Currency forecasters have turned overwhelmingly bearish on the currency in recent months, with domestic weakness seen intersecting with U.S. outperformance and a constant drumbeat of trade threats to drive the exchange rate lower," Karl Schamotta, chief market strategist at Corpay, said in a note...
The U.S. dollar continued its relentless march higher against a basket of major currencies as investors bet that higher trade tariffs and tighter immigration under the incoming Trump administration would fuel inflation, potentially slowing the Federal Reserve's interest rate cutting cycle...
"We expect further (Canadian dollar) weakness, with technical indicators opening up an air pocket between 1.40 and 1.43, but remain wary of an overshoot," Schamotta said.. Canada sends about 75% of its exports to the United States, including oil, which could escape protectionist trade measures, according to participants in Canada's energy industry...
Business NewsNewsCanadian dollar extends breach of key psychological level.
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