Canadian Dollar Falls on China Slowdown as Earnings Crimp
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The Canadian dollar fell for a second day against its U.S. counterpart on concern slowing Chinese growth will hurt demand for commodities such as oil and gold.
The loonie, as the currency is known for the image of the aquatic bird on the C$1 coin, weakened against a majority of its most-traded peers after Alcoa Inc. reduced its forecast for aluminum exports to China, the world’s biggest consumer of metals and energy. Energy and raw-material producers led losses in the Standard & Poor’s 500 Index. Canada derives about half its export revenue from raw materials.