Slowdown in US Hurts Canadian Dollar

The Canadian dollar – known as the “loonie” – continued to lose ground on fears that a slowing U.S. economy could impact the Canadian economy. Roughly seventy percent of Canada’s exports are sold into the American market and any appreciable slowdown south of the border, would directly impact the Canadian economy.

The currency traded at 97.62 cents versus the U.S. dollar at 8:12 a.m. in Toronto, compared with 97.77 yesterday. One Canadian dollar buys $1.0244. It has fallen 0.2 percent this week and 3.2 percent in May.

Source: Bloomberg

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