CAD Weakens as Rate Cut Speculation Grows Ahead of BoC Meeting

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3530-1.3710

Euro                 1.4870-1.5090

Sterling            1.7760-1.7960

WTI Oil (opening level) $75.67

The last 24 hours has seen a weakening of the CAD against all the major currencies. I read that there is a prediction that interest rates are going to come down even more at the next Bank of Canada announcement on October 23 meeting. This would definitely affect the tone of the marker and push the CAD into weaker territory. Of course this is all 'jaw boning' in advance of the actual release. It is done for a purpose- and is the only real tool in the central bank tool box- that gets the market to make subtle moves in anticipation of the actual fact. Probably done to reposition the market so the real announcement is not a shock to the market when it happens.

Meanwhile the USD index seems to have stalled after gaining approximately 2% in the last week. So don't look for any major moves to the upside in the market today.