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.
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