Economics
Canada Dollar Declines as Oil Tumbles on Slowing Economic Growth
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The Canadian dollar declined for a second day against its U.S. counterpart as oil fell the most in almost three months and stocks slipped after signs of a slowing economy damped investor demand for higher-yielding assets.
The currency dropped as Canadian existing home sales fell the most in more than two years in August and a regional measure of U.S. manufacturing contracted more than forecast. The currency declined from almost a 13-month high as European Union finance ministers were deadlocked over efforts to quell the region’s sovereign-debt crisis. Canada’s inflation rate is expected to hold steady at 1.3 percent when the report is released on Sept. 21.