Canadian dollar fell to its lowest closing level in about six weeks on Thursday as the US currency was bolstered by the US Federal Reserve's upbeat economic view as well as by some safe-haven flows. Canadian inflation data reinforced expectations that the Bank of Canada will hold rates steady until the middle of next year, which pulled the currency as low as C$1.0748 to the US dollar before it bounced back a bit.
The Canadian dollar finished at C$1.0703 to the US dollar or 93.43 US cents, its lowest level since November 6. That is down from C$1.0605 to the US dollar, or 94.30 US cents, at Wednesday's close. The greenback extended gains from the previous session on a reassuring assessment about the US economy by the Federal Reserve. As well, unsettling news about Citigroup and Greece's fiscal health added to the US dollar's safe-haven appeal.
Comments
Comments are closed.