Loonie could cool off, say analysts at some top Canadian banks [Business News Network (BNN) Energy & Resources (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Business News Network
Loonie could cool off, say analysts at some top Canadian banks The Canadian dollar is having the best year of any major currency, but there’s concern about its near-term outlook among analysts at some of the nation’s top banks. They’re worried the loonie could pay the price if Canadian economic data fail to sustain a recent string of strong results as trade barriers and protectionism mount. “We’re growing more comfortable with fading Canadian dollar rallies,” said Bipan Rai, head of foreign-exchange strategy at the Canadian Imperial Bank of Commerce. The currency has appreciated amid stronger economic reports, but expectations are for incoming data to move back to normal trends soon, Rai said. A firm Canadian dollar makes export prices less competitive even as trade tensions persist, a factor that the Bank of Canada will become more sensitive to, Rai said. Shaun Osborne, chief currency strategist at Scotiabank, is concerned about the near-term path for the loonie given weakening oil p
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