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Quotes from Western Union:
- The loonie was back above C$1.12 after rising a day earlier to one week peaks below that key level. A volatile day Wednesday saw the loonie lose ground on weaker than expected consumer spending data which set the stage for subdued growth for the third quarter.
- But the loonie caught a bounce later in the session after the Bank of Canada scrapped its forward guidance and did away with its neutral bias on interest rates. Oil prices today renewed a decline, weighing on Canada's currency.
- Moreover, the outlook still points to monetary tightening in the U.S. before Canada, a hawkish outlook for the southern central bank which should continue to drive gains for the greenback.
