Economists optimistic loonie will rise by the end of this year [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
Economists optimistic loonie will rise by the end of this year Observers expect that the Canadian dollar will rise against the U.S. dollar over the course of 219, as more economists begin to anticipate a dramatic shift in U.S. monetary policy as the economy slows. The dollar fell 1.1 per cent last week against the greenback, and held near the 74.6-US-cents level on Monday. But the longer-term outlook is what’s more important here: As financial markets absorb the prospect of interest-rate cuts by the U.S. Federal Reserve later this year, the Canadian dollar should get a boost. Citigroup strategist Jeremy Hale recommends Story continues below advertisement “I do think that we will continue to see the currency range-trade, but perhaps trade to the stronger side of that range – not so much from what the Bank of Canada may be up to, but what the Fed may be up to,” Michael Gregory, deputy chief economist at BMO Nesbitt Burns, said in an interview. He thinks the dollar will end the year at $
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