Tuesday, September 1, 2009
Negative Week for Canada’s Currency as Risk Aversion Rises
The Canadian currency entered its third day of consecutive losses as a new intense wave of risk aversion is creating bearish patterns in the main two loonie’s vectors, the crude oil and stocks.
After touching the highest rate in more than 10 months in June, the Canadian currency did not manage to sustain its high levels as towards the end of August and now in the beginning of September stocks declined and demand for commodities faltered, influencing negatively the performance of the Canadian dollar.
USD/CAD traded at 1.1046 as of 18:28 from a previous rate of 1.0938 in the intraday comparison.