Canada’s dollar dropped to a more than one-week low after reports signaled a pickup in U.S. growth and the price of oil, the nation’s biggest export, traded at almost the weakest level since July.
The Canadian dollar was little changed against its U.S. peer as American lawmakers remained deadlocked over the federal budget in a confrontation that risks a government shutdown on Oct. 1. The discount for crude oil sold by Canadian companies over the U.S. benchmark rose to its largest since February.
“The Canadian dollar continues to be driven by factors outside its border,” said Adrian Miller, director of fixed-income strategies at GMP Securities LLC in New York. “The U.S. dollar is rebounding after a few sessions after this fiasco in Washington, and that’s weighing on all other currencies.”
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