Canadian Dollar Declines Further on Commodities
The Canadian currency, highly linked to commodities and equities markets fluctuations declined today as corrective movements affected stocks globally, as optimism is not as significant as last week among investors.
The loonie, as often the Canadian currency is associated, declined extending losses of last week’s session end, when it declined from a one-year high versus the greenback on renewed global economic optimism. Bank of Canada officials mentioned multiple times that a strong loonie may jeopardize the national economic rebound, since the North American country economy is highly dependent on exports.
USD/CAD traded at 1.0780 as of 10:38 GMT, from a previous rate of 1.0695 yesterday.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Drops From Record High on Stocks (2009-09-18)
- 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)