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This week has been quite favorable for the Canadian dollar. After the decision of the Bank of Canada to leave the interest rate unchanged at 1.75%, the loonie perked up and grew. Many experts predict a short term growth in the loonie.
Another driver of strengthening the loonie was the rapid rise in oil prices. It was also supported by the position of the leaders of the Bank of Canada, declaring the stability of the national economy. Earlier, Stephen Poloz, Governor of the Bank of Canada, focused on the fact that the country's economy is in good shape, therefore, it is not worth changing the current monetary policy.
Nevertheless, a number of economists believe that the regulator should consider reducing interest rates. This is necessary to stop the negative economic consequences of trade conflicts, experts are certain.
According to current statistics, in the third quarter of 2019, Canada's GDP grew by 1.3% year-on-year. According to economists, the growth of the Canadian economy will be below 2% by the end of this year. Experts believe that this indicator will remain at the current level for the next two years.
According to experts, the long trade confrontation between Washington and Beijing provides support not only for the greenback, but also for the Canadian currency. Experts note that the USD/CAD pair has a pronounced upward trend, which may increase in the near future.
At the moment, the USD/CAD pair rose to the level of 1.3185, but then returned to its previous frame. Nevertheless, experts are upbeat over the loonie.
The situation of the Canadian dollar is quite stable and encourages investors. The loonie has strengthened and is trying to maintain its position. Analysts were divided with regard to interest rates. For example, TD Securities experts are confident that the Canadian regulator will nevertheless reduce the rate by 25 basis points (bp), but this will happen no earlier than April 2020. Some analysts believe that everything will depend on the dynamics of economic data in Canada. In the event of their strengthening, a complete rejection of the forecast of a decrease in rates is possible.
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