The Canadian Dollar declined for a second consecutive week against the U.S Dollar and also struggled to gain support versus the majority of the 16 most actively traded currencies, as the biggest five-day decline in crude oil prices reduced demand for assets related to economic growth. The ‘Loonie’ also lost ground, amid speculation that the recovery in the U.S economy, Canada’s biggest trading partner, is losing momentum. China’s decision to cap growth will encourage the Bank of Canada to keep interest rates lower for an extended period. Retail sales in Canada is also expected to increase at a slower pace in September.
Written by Adam Solomon
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