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Canadian Dollar Weakens as Investors Bet on September Rate Hike

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar weakened against its US counterpart on Tuesday as investors bet on a Federal Reserve interest rate hike next month. The loonie was trading 0.4% lower at 1.3905 per US dollar, or 71.92 US cents.

This decline puts it among the biggest decliners in the Group of 10 currencies.

Amo Sahota, director, noted that the loonie is a laggard in G10 FX today as traders continue to increase bets that the Fed will have to raise interest rates in September to meet its 2% target.

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