Recession Fears Drag Canadian Dollar Below Parity

The Canadian dollar – known as the “loonie” – fell below parity with its US counterpart after losing more than two cents in early morning trading in New York. Investors turned to the safety of the US dollar as commodity prices fell in response to the yesterday’s pessimistic outlook from the Federal Reserve. Rising global economic uncertainty has pushed investors to the greenback as it is perceived as a safe option during times of financial turbulence.

Source: The Canadian Press

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