(Bloomberg) -- The performance of the Canadian and Australian dollars this week is a hint of what’s to come for policy makers who don’t keep pace with the Federal Reserve.

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The loonie fell 1.1% against the US dollar since last Friday even as the Bank of Canada delivered a bigger hike than some traders expected, as officials hinted they are considering a pause to their nine-month long tightening cycle. The aussie was little changed even as the Reserve Bank of Australia hiked again, as policy makers also signaled they are almost done raising interest rates.

The looming end of both tightening campaigns is a major milestone for these central banks, which started hiking earlier this year to combat rampant inflation. But with the Fed expected to keep raising rates to about 5% by March, it puts their currencies at risk. Money markets imply Canada’s rates peaking slightly above 4.5% by early 2023, while Australia’s benchmark is seen reaching as much as 3.6%.

“This week’s move in CAD could very well be a canary in the coal mine for other high-beta currencies,” said Jay Zhao-Murray, a currency analyst at Monex Canada in Toronto.

The BOC, which raised rates by 400 basis points since March to 4.25%, has signaled concern about growth, saying in its rate decision statement there’s growing evidence that tighter monetary policy is curbing domestic demand. It was the first time since the start of this tightening cycle that the language on future hikes has substantially changed. In previous decisions, the bank included a line clearly indicating that rates would need to rise further.