Loonie Falters as Commodity Prices Tumble

The Canadian dollar continues to decline and is at a three-month low against the US dollar. In early morning trading today in Toronto, the loonie fell 0.8 percent to 97.71 cents to the US dollar compared to 96.86 cents on Friday.

“It’s the usual risk-off story, with equities and commodities down,” Firas Askari, head currency trader at Bank of Montreal in Toronto, wrote via e-mail. “The Greece story is like the relative who won’t leave the room after he’s had too much to drink. We’ve seen selling of the Canadian dollar on the crosses,” he said, referring to non-U.S.-dollar trades.

Source: Bloomberg

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