The Canadian dollar slid to its lowest point in more than a week against its US counterpart on Friday, extending losses that started at mid-week on mounting concerns about euro zone debt woes. Investors worried that Greece's parliament may not pass the austerity measures needed for the country to secure more bailout funds to help it out of its sovereign debt crisis.
In addition, the commodity-linked Canadian currency was hit for a second day by falling oil prices after the International Energy Agency's (IEA) decision to release 60 million barrels of oil from its reserves to boost the economic recovery. The currency finished at C$0.9870 to the US dollar, or $1.0132, down from Thursday's North American finish of $0.9780 to the US dollar, or $1.0225. Earlier, it fell as low as C$0.9886, or $1.0115, its lowest level since June 16. For the week, it is down 0.7 percent.
Comments
Comments are closed.