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Canadian Dollar Declines Further on Commodities

September 22, 2009 at 0:42 by Jan Baros

Canadian DollarThe Canadian currency, highly linked to commodities and equities markets fluctuations declined today as corrective movements affected stocks globally, as optimism is not as significant as last week among investors.

The loonie, as often the Canadian currency is associated, declined extending losses of last week’s session end, when it declined from a one-year high versus the greenback on renewed global economic optimism. Bank of Canada officials mentioned multiple times that a strong loonie may jeopardize the national economic rebound, since the North American country economy is highly dependent on exports.

USD/CAD traded at 1.0780 as of 10:38 GMT, from a previous rate of 1.0695 yesterday.

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