Canadian Dollar Declines as Commodity Prices Fall

A two-day drop in commodity prices has pushed the Canadian dollar to its lowest level in a week against the US dollar. The loonie declined 0.4 percent to 99.77 cents per US dollar this morning in New York.

“It’s broadly risk-off, with equities weaker and commodities weaker,” said Camilla Sutton, head of currency strategy at Bank of Nova Scotia in Toronto. “There was lots of overnight non-U.S. data that was disappointing. Canada is outperforming on the crosses just because of the strength in the U.S. dollar.”

Source: Bloomberg

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