Canada Dollar Touches Weakest Since August Before Policy Meeting
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The Canadian dollar touched the lowest level against its U.S. counterpart in more than 10 weeks amid speculation the Bank of Canada will put less emphasis at a policy meeting tomorrow on raising interest rates.
The loonie, as the currency is nicknamed for the image of an aquatic bird on the C$1 coin, fell versus a majority of its most-traded peers. Central-bank Governor Mark Carney suggested in an Oct. 15 speech that tomorrow’s economic forecast will reflect a slow global recovery. Canada rejected on Oct. 19 a C$5.2 billion ($5.23 billion) bid by Petroliam Nasional Bhd. for Calgary-based Progress Energy Resources Corp.