Canada's currency weakens
The Canadian currency is commodity driven and the country's biggest export is crude oil. Unfortunately crude toppled to a six-week low which set off five weeks of losses for the loonie. The five-week streak was the longest losing streak in 18 months. The currency bounced back for three days but has weakened as investors trimmed holdings of risky assets on concern that economic recovery may take longer than expected.
The fact that oil and stocks have depreciated has allowed the Canadian dollar to adopt a higher sensitivity to risk appetite. As a result the loonie declined against eight of the 16 most traded currencies, and slipped 0.5% to USD1.1654 from USD1.1593.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.