The currency touched this week its lowest level in two months versus the greenback as a report showed the economy of the U.S., Canada’s largest trading partner, expanded at a slower pace in the first quarter. The loonie, as the currency is also known, has fallen against most of its major counterparts including the yen since May 20.
The currency traded at 97.80 cents versus the U.S. dollar at 9:26 a.m. in Toronto, compared with 97.77 yesterday. One Canadian dollar buys $1.0225. In each of the past two days, the loonie has touched 98.16, the weakest level since March 28. It has fallen 0.4 percent this week and 3.4 percent in May.
Varied Forecasts for Canadian Dollar in 2011
The second set of factors are macroeconomic. While slowing slightly in the second half of the year, the Canadian economy nonetheless exhibited a solid performance, which is expected to continue into 2011 Read More...
Daily Financials Forecast
Over the past few days, stock index futures have been able to advance on bearish or neutral news. Anytime a market can ignore bearish news, it should be construed as an indication of higher prices. Read More...
Canadian Dollar Drops as Inflation Slows More Than Forecast
Canada’s dollar dropped for the first time in four days after government reports showed inflation slowed more than economists forecast and retail sales unexpectedly stalled. Read More...
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