On Friday (Oct 7), / choppy downtrend, temporarily traded at 1.3743, down 0.02%.
Governor Macklem said Canada needs to raise interest rates further and do more to tackle inflation.
There is little evidence that underlying or core inflation is decelerating in Canada, and Canadian inflationary pressures have yet to abate, Mr. McCallum said.
Canada’s Labour market remains “very tight”, he said, with job vacancies at a high level and wage growth having climbed and continuing to expand.
Headline inflation has fallen from a peak of 8.1 per cent in June to 7.0 per cent in August, but measures of underlying or core inflation remain high and have yet to fall significantly.
All the signs point to an economy with excess demand and the need for further rate rises.
/ The dollar was sold on Thursday as investors braced for the outcome of key US activity in non-farm payrolls on Friday.
Both US yields and the dollar rallied as investors pulled back on picot.
