Canadian Dollar Drops From Record High on Stocks
The Canadian currency did not manage to extend its rally that brought the loonie to the highest rate in one year as a corrective movement affected stocks today, influencing the loonie’s outlook negatively.
The Canadian dollar is one of the most influenced currencies by stocks and commodities movements, and today, after markets were impacted by pessimism originated in the banking industry, the loonie also witnessed a decline from its highest rate in 2009, as investors opted for safety towards the end of this week’s session.
USD/CAD closed the week at 1.0689 after touching 1.0591 yesterday.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Raise National Bank Concerns (2009-09-17)
- Canadian Dollar Gains Further on Risk Appetite (2009-09-15)
- Canadian Dollar Remains High Before Bank Declarations (2009-09-09)
- Canadian Dollar Extend Gains on U.S. Optimism (2009-09-05)
- Canadian Dollar Climbs on Employment Data (2009-09-04)