The World Forum - April 22nd, 2024

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Canadian dollar hits 7-week low as greenback surges

The Canadian dollar weakened to its lowest level in more than seven weeks against its U.S. counterpart on Thursday. Bank of Canada Governor Tiff Macklem said higher interest rates are needed to cool things down. Money markets are pricing in half-percentage-point hikes by Canada's central bank at each of its next two policy decisions.