The Canadian dollar weakened to a near two-week low against its U.S. counterpart on Wednesday as the greenback notched broad-based gains and investors grew less certain that the Bank of Canada would hike interest rates further next month.
The loonie was trading 0.5% lower at 1.3250 to the greenback, or 75.47 U.S. cents, after touching its weakest intraday level since June 15 at 1.3276.
"The market is losing confidence that the Bank of Canada will hike again next month," said Adam Button, chief currency analyst at ForexLive. Money markets see a 55% chance of a rate hike at the Bank of Canada's next policy decision on July 12, down from 64% before data on Tuesday that showed inflation easing to its slowest pace in two years.
"A July hike is unnecessary," Button said. "The Bank of Canada is going to see economic weakness developing in Canada."
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