Posted On: August 17, 2012
The value of the monetary unit of Canada dropped against its southerly rival on Friday, marking the first day of losses in four days, according to
Pulling down the Canadian dollar was the reduced pace of inflation, which supported the belief that the economy of Canada is gravitating away from its full capacity. The loonie’s sixth consecutive week of gains against the U.S. dollar were reduced, but the monetary unit matched its top gains in two years.
"The market traded up on the back of the information, but I don't think anyone was really looking for a big boisterous print," managing director of capital-markets trading Darcy Browne with Canadian Imperial Bank of Commerce in Toronto told the news source. "Most people are trying to get long dollars on the dip down here. I still view the Canadian dollar as expensive."
Also pulling down the Canadian dollar on Friday were losses to crude oil, the natural-resources-rich nation's top commodity.
The Canadian Press reports
the loonie had closed the Thursday session at its highest value against the U.S. dollar in more than three months.
Category: Industry News
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