The loonie is forecast to perform more strongly and three of the nation's top money managers – TD Asset Management, Sprott Asset Management LP and Franklin Bissett Investment Management – are preparing to implement steps, as part of efforts to accommodate the monetary unit's advance.
"Positioning is still pretty underweight Canadian dollar, so in the near term you should probably see range-bound markets in the currency," fixed-income money manager Michael Craig with Sprott told the news source at the end of last month. "Just because of positioning and expectations getting ahead of it, I think you've got to dial back your short Canadian dollar positions."
Bank of Canada policy makers left interest rates unchanged at 1 percent last week, when the body most recently convened.
The loonie's recent losses were augmented by an underwhelming jobs report from last month, The Wall Street Journal reports. Despite projections for gains of 15,000, the nation hosting the world's 11th-biggest economy lost about 7,000 jobs in February.
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