07:56 AM EDT, 08/30/2024 (MT Newswires) -- The Canadian dollar (CAD or loonie) has been one of the laggards against G10 peers in recent weeks as it was closely linked to the US dollar (USD) depreciation, said UBS.

Next Wednesday the Bank of Canada (BoC) will hold its regular meeting. Financial markets expect a 25bps rate cut with a minimal chance of a 50bps cut, stated UBS.

The bank doesn't expect a big move after the meeting unless the messaging of the BoC changes "dramatically." The bank sees the CAD

to be stronger against the USD, but weaker against most G10 peers.