Canada’s dollar fell against the majority of its 16 most-traded counterparts as the U.S. government shutdown persisted, imperiling economic growth in the nation’s biggest trading partner.
The currency reached the weakest level in more than two weeks against its U.S. peer as the first shutdown since 1996 entered its second day amid speculation the standoff would merge with the fight over raising the U.S. debt ceiling later this month. Treasury Secretary Jacob J. Lew said the U.S. has begun using the last measures available to avoid breaching the limit.
There’s “a little bit of weakness in the Canadian dollar,” Blake Jespersen, managing director of foreign exchange at Bank of Montreal, said by phone from Toronto. “There’s a little bit of movement now, but still confined to very narrow ranges. But much of that is related to the U.S. government shutdown.”
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