Canadian Dollar Ends Two-Day Decline Against U.S. Counterpart
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Canada’s dollar broke a two-day slide against its U.S. peer after trading near a 13-month high as a technical measure showed the currency dropped from levels that suggested the rally was too high.
The 14-day relative strength index for the Canadian dollar versus the U.S. dollar was 62 today after reaching 72.4 on Sept. 13. A reading above 70 indicates an asset may have rallied too far, too quickly and may be due for a retracement. The Canadian currency gained even as crude oil tumbled for a second day after the Reserve Bank of Australia warned of slowing growth in China, falling commodity prices and a global economy still “subject to significant downside risks.”