March 22, 2024
Canadian dollar posts weekly loss as data shows slowing domestic economy
"This morning's retail sales number was better than expected, but remained consistent with the evaporation in domestic consumer demand that has been sapping the Canadian economy's momentum for months," says Karl Schamotta, chief market strategist at Corpay. "The Bank of Canada will remain alert to the risk of a repeat of last year's melt-up in housing markets, but otherwise seems destined to begin cutting rates at the June meeting."