Canadian Dollar Declines for Third Week as Risk Aversion Rises
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Canada’s dollar weakened for a third week versus its U.S. counterpart, the longest stretch of losses since June, on concern demand for natural resources will decline as investors question global-growth prospects.
The currency touched the lowest level since August yesterday as crude oil, the nation’s largest export, depreciated for a second week. Bank of Canada Governor Mark Carney said on Oct. 24 that the need for higher interest rates has become “less imminent,” a day after strengthening the case for tightening monetary policy. Statistics Canada is scheduled to report changes in October unemployment on Nov 2.