Forex
Loonie Outlook Brightens on Dollar Weakness Amid Trade Risks Loom
The Canadian dollar outlook has improved due to broad U.S. dollar weakness, according to ING.
The bank forecasts USD/CAD at 1.38 by year-end, 1.37 in six months, and 1.36 in one year.
However, USMCA trade risks remain a key downside tail risk for the loonie, as markets price about 15 basis points of BoC tightening by year-end.
In other news, Canadian Natural Resources Ltd reported record Q2 earnings of C$4.5 billion, or C$2.19 per share, beating estimates.
BCE Inc also reported Q2 adjusted earnings of C$0.65 per share, up 3.2% year-over-year and above analyst expectations.