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Falling Crude Pulls Down Canadian Dollar

The Canadian dollar fell for the third day as investors abandoned riskier investments in favor of the greenback. A 1 percent drop in crude oil futures contributed to the 0.6 percent depreciation to C$1.0613 per U.S. dollar at 8:56 a.m. in Toronto, from C$1.0547 yesterday.

“Risk is off,” said Firas Askari, head currency trader in Toronto at Bank of Montreal, Canada’s fourth-largest lender. “The U.S. dollar is bouncing across the board.”

Bloomberg [1]

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Scott Boyd

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