Canada’s Dollar Slips From 3-Week High Amid U.S. Budget Concern
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The Canadian dollar declined from the strongest level in almost three weeks against its U.S. counterpart amid concern a budget showdown in Washington will derail the economy of Canada’s biggest trade partner.
The currency, nicknamed the loonie for the image of the waterfowl on the C$1 coin, had gained earlier as Greece won easier terms on its debt and economic data in the U.S. fueled speculation America’s recovery is gaining momentum. It erased the advance amid drops in crude oil, Canada’s biggest export, and U.S. stocks as America’s approach toward a fiscal cliff damped risk appetite.