The Canadian_dollar fell to its lowest point in six months against the U.S. dollar after the nation posted an unexpected trade deficit in August, supporting the Bank of Canada’s cautious outlook on the economy. The currency rose against most of its other major peers after data showed the jobless rate in the U.S., Canada’s largest trading partner, fell to a six-year low in September.
The Bank of Canada has held its benchmark interest rate at 1% for four years and maintained last month it is as likely to lower borrowing costs as raise them while it waits for signs of a sustained export recovery that can power economic growth. The Loonie fell as low as 1.1271 per U.S. dollar, the least since March 20, before closing down 0.8% at 1.1244.
To read more visit us at WWW.ICMBrokers.com