It’s all happening for investors and traders this week, with a plethora of significant news releases out around the world.

Canada's dollar will rally this year, but much of the upswing will have to wait until a period of uncertainty passes for the domestic and global economies following aggressive tightening by central banks in 2022, a Reuters poll forecast. The loonie will edge 0.6% higher to 1.35 per U.S. dollar, or 74.07 U.S. cents, in three months, according to the median forecast of currency analysts. "We expect to see some mild CAD weakness in the first half of 2023 ... as last year's rate hikes work their way through the economy and lead to a mild recession," said George Davis, chief technical strategist at RBC Capital Markets.

The Canadian dollar weakened against its U.S. counterpart on Thursday, pulling back from a one-month high, as investors worried about the Federal Reserve's policy outlook and data showed Canada's trade balance swinging to a deficit. The loonie was trading 0.7% lower at 1.3565 to the greenback, or 73.72 U.S. cents, after touching its strongest intraday level since Dec. 5 at 1.3467. Wall Street's main indexes fell and the U.S. dollar rallied against a basket of major currencies as fresh evidence of a tight labor market and hawkish comments from Fed policymakers deepened fears of elevated interest rates for longer than expected.

The Canadian dollar strengthened against its U.S. counterpart on Monday as investors bet that easing of COVID-19 curbs in China would boost demand for oil, one of Canada's major exports, with the currency rebounding from a six-week low. The loonie was up 0.3% at 1.3660 per greenback, or 73.21 U.S. cents, after trading in a range of 1.3624 to 1.3694. "The market is beginning to feel more constructive on China's reopening," said Adam Button, chief currency analyst at ForexLive.

The Canadian dollar was little changed against the greenback on Monday, holding near a multi-week low, as investors awaited possible clues on the Bank of Canada policy outlook and then a Federal Reserve interest rate decision later this week. Money markets see a roughly 40% chance that the central bank would hike by 25 basis points at its next policy decision on Jan. 25. Governor Tiff Macklem's prepared remarks are due for release at 3:25 p.m. ET (2025 GMT).

Canada's dollar will rally over the coming year as major commodity consumer China loosens its COVID-19 restrictions and the Federal Reserve potentially concludes its campaign to increase interest rates, a Reuters poll showed. The loonie has weakened over 7% against the U.S. dollar since the start of 2022, with almost all of the decline coming since mid-August. According to the median forecast of 35 currency analysts surveyed Dec. 1-6 the currency will rebound 1.1% to 1.35 per U.S. dollar, or 74.07 U.S. cents, in three months, compared with November's forecast of 1.36.

Ashtead Group reported upbeat half-year results citing a 26% rise in revenue over the past six months and profit before tax increasing by 27% to $1.2bn.

The Canadian dollar weakened to its lowest level in nearly three weeks against its U.S. counterpart on Tuesday as data showed faster-than-expected GDP growth in the third quarter but a decline in domestic demand. Canada's economy grew at an annualized rate of 2.9% in the third quarter, above analysts' expectations, driven by exports and non-residential structures, Statistics Canada data showed. Final domestic demand fell 0.6%, while a preliminary estimate showed that October's GDP was unchanged after the economy grew by 0.1% in September compared to August.

The Canadian dollar weakened against its U.S. counterpart on Friday, with the currency adding to this week's decline as oil prices fell and data showed the largest divestment of Canadian securities by foreign investors in nearly four years. The loonie was trading 0.5% lower at 1.3390 to the greenback, or 74.68 U.S. cents, after touching its weakest level since Nov. 10 at 1.3409. "I think fundamentals are reasserting themselves," said Eric Theoret, global macro strategist at Manulife Investment Management.

"The plunge that we have seen in the crypto space over the last two days caught up with risk sentiment today, resulting in weak stock and commodity prices," said George Davis, chief technical strategist at RBC Capital Markets. The U.S. dollar climbed against a basket of major currencies and U.S. stock indexes fell as the outcomes of tightly contested U.S. midterm elections remained unclear. Its governor, Tiff Macklem, is due on Thursday to give a speech on the evolution of the Canadian labour market.