The Canadian dollar weakened to a nearly three-month low against its US counterpart on Thursday as the greenback climbed broadly and Italy added to Canada's uncertain trade outlook. At 4 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.8 percent lower at C$1.3092 to the greenback, or 76.38 US cents, its biggest decline since March 13. The currency touched its weakest since March 19 at C$1.3110.
"It is mostly a (US) dollar move," said Erik Nelson, a currency strategist at Wells Fargo. "We saw a pretty sharp selloff in the euro." The Canadian dollar notched its strongest level against the euro since June 5 at C$1.5118. Italy said it will not ratify the European Union's free trade accord with Canada. Canadian government bond prices were higher across a flatter yield curve in sympathy with US Treasuries and German Bunds. The benchmark 10-year rose 29 Canadian cents to yield 2.284 percent.
Comments
Comments are closed for this article.