Canada Dollar Declines Versus Most Peers as Oil Falls Third Day
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Canada’s currency declined against the majority of its 16 most-traded peers as crude oil tumbled for a third day amid skepticism global central banks can boost economic growth through monetary-stimulus measures.
The currency fell after the U.S. said crude-oil stockpiles rose 8.53 million barrels last week to 367.6 million, compared with a gain of 1 million barrels forecast by analysts in a Bloomberg survey, sending crude down as much as 4.2 percent. The Canadian dollar fluctuated against its U.S. peer after Japan’s announcement of further stimulus, following similar moves by the Federal Reserve and ECB, suggesting the currency has peaked after touching a 13-month high last week.