Posted 9/5/2023, 2:31:20 PM

David Rosenberg: More evidence the Bank of Canada should stop hiking rates

The Canadian economy unexpectedly contracted in the second quarter, indicating a potential shift back to the sidelines for the central bank and negative consequences for the Canadian dollar.

yahoo.com

Relevant topic timeline:

9/1/2023

Economists see Bank of Canada holding on rates after surprise GDP contraction

The Canadian economy contracted in the second quarter, leading economists to believe that the Bank of Canada's rate hiking campaign may be coming to an end.

9/1/2023

Canadian dollar posts biggest loss in 1 month as economy shrinks

The Canadian dollar weakened against the US dollar after data revealed that the country's economy unexpectedly contracted in the second quarter, reducing the likelihood of an interest rate hike from the Bank of Canada.