The Canadian dollar on Friday fell to its lowest value in two months against its southerly rival, Bloomberg reports.
Economic data indicated the nation's annual inflation rate fell to its most laggardly pace in more than three years, boosting confidence that the central bank is preparing to cut interest rates. The loonie slumped against all 16 of its top counterparts as a consequence of consumer price index data indicating a climb of 0.4 percent in April as compared to the same period last year.
"There is certainly a smattering of comments now contemplating why isn't the central bank contemplating lowering rates," head analyst Dean Popplewell with online currency-trading firm Oanda Corp. in Toronto told the news source on Friday, prior to the report's release. "Policy-wise, we're still very much walking a tightrope."
The Bank of Canada is set to see a changing of the guard. New governor Stephen Poloz is poised to fill the vacancy created by the departure of Mark Carney, who will do the same job with the Bank of England.
The inflation data released by the nation was markedly lower than projections indicated, according to Reuters.
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