Canadian Dollar Lower on Falling Commodity Prices

Disappointing economic news in the US has raised fears that demand for commodities including oil could decline in the coming months. This has seen commodity prices fall causing the Canadian dollar to drop to 101.94 cents US.

“The weak data have increased the downside risks for Canadian dollar ahead of domestic data releases this week that include international trade and employment,” noted Scotia Capital chief currency strategist Camilla Sutton.

Source: The Canadian Press

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.