7-week loonie low
Weakening commodities have caused Canada's dollar to fall to its lowest point in seven weeks against the US dollar. Commodities such as crude oil and copper declined, which diminished the appeal of currencies like the loonie that are linked to raw materials. Crude oil, Canada's largest export, dropped as much as 5% to touch its lowest point in more than five weeks. Copper also fell for a third straight day in London to weaken the loonie.
Canada relies on commodities for more than half its export revenue and is the reason why the Canadian dollar topped off a fifth straight week of losses. Investors cut back bets on riskier assets as a sign of slowing global economic recovery, after the currency reached its peak of 60 years in May.
The poor performance of commodities is reflecting in the loonie's exchange rate at GBP0.53019 and USD0.8603.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.