On Thursday (Oct 27), / choppy downside, temporarily traded at 1.3556, up 0.01%.
Has lowered its forecast for economic growth, predicting it will stall or even contract in the coming months.
Inflation is set to fall sharply below 3% by the end of next year, within the target range for the first time since early 2021, as higher borrowing costs dampen spending.
The Bank of Canada expects growth of 3.3 per cent this year, down from its July forecast of 3.5 per cent, and to 0.9 per cent in 2023, well below its July forecast of 1.8 per cent;
Lowered its forecast for potential output growth to 2.1% in 2023 (vs 2.5% in July) and 2.2% in 2024 (vs 2.8% in July);
Growth is expected to slow to between 0% and 0.5% at the end of 2022 and the first half of 2023, with a possible technical recession between the fourth quarter of 2022 and the end of the second quarter of 2023.
Usd/CAD hovered above 1.3550 as the focus has shifted to US growth rate and durable goods data.
