The Canadian dollar has suffered 5 straight weeks of declines against the greenback, as optimism fades over recovery in the global economy. Bearish non-farm payroll figures in the US have also dented market optimism this week and oil has declined to USD67 a barrel.
Canada is one of the most export-depended economies in the G7 and oil prices as well as risk appetite affect currency rates for the nation. The US purchases around one third of Canadian exports and with non-farm payroll figures capping market confidence in the US, this is likely to have flow on effects for the Canadian currency.
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