An already feeble Canadian dollar could be ‘weaker for longer’ [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
An already feeble Canadian dollar could be ‘weaker for longer’ Briefing highlights Three-and-a-half-penny Opera A major American bank is "bearishly revising" its outlook for the Canadian dollar, largely because of what it expects will be a bumpier road to signing off on the proposed new U.S.-Mexico-Canada trade deal. JPMorgan Chase now expects the loonie will be “weaker for longer” as U.S. political developments hang up approval for the pact meant to replace the North American free-trade agreement. “One key reason for our downgraded CAD outlook is a notably pessimistic reassessment of NAFTA/USMCA ratification risks, which we now believe will prove a lot bumpier than most market participants realize,” Daniel Hui, JPMorgan global foreign exchange strategist, and his colleague Patrick Locke said in their new forecast, referring to the currency by its symbol. Story continues below advertisement "U.S. politics is currently dominated by the partial shutdown of the federal government;
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