Canadian Dollar Falls Below Parity

Falling commodity prices forced the Canadian dollar below parity with the US dollar on speculation that China must take steps to slow growth. The Canadian dollar depreciated 0.4 percent to 99.97 cents per U.S. dollar at 8:24 a.m. in Toronto, having earlier touched C$1.0006.

“The growing likelihood of more remedial measures from Chinese authorities to stand a stronger pace of growth has boosted demand for the safe haven appeal of dollars and yen, the bigger victims today being the commodity currencies,” said Andrew Wilkinson, senior market analyst at Interactive Brokers Group LLC in Greenwich, Connecticut.

Source: Reuters

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