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Canadian dollar retreats from 5-month high ahead of BoC rate decision
The Canadian dollar slipped from a five-month high against the greenback as oil prices dropped and investors braced for the Bank of Canada (BoC) interest rate decision later this week, Reuters reports.
Canadian crude oil prices fell 0.6% as trade tensions fueled by US tariffs raised fears of slowing global economic growth.
Market attention is also focused on Canada's inflation report for March, due out later Tuesday. The annual rate is expected to hit 2.6%, according to the agency.
Meanwhile, growing recession risks from the US-led trade disputes could prompt the Bank of Canada to cut rates at least twice more this year, Reuters analysts suggest. However, most economists expect policymakers to hold borrowing costs steady at 2.75% on Wednesday.
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