Canadian Dollar Declines on China Before Rate Decision
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The Canadian dollar traded at almost its lowest in eight months versus its U.S. counterpart as crude oil, Canada’s largest export, dropped to its weakest level in 10 weeks before the central bank’s interest-rate decision.
The currency fell against the majority of its 16 most-traded peers after a report showed companies in China, Canada’s third-largest destination for exports, are expanding at a slower-than-forecast pace. The so-called loonie pared losses as stocks rose on improved risk appetite. The Bank of Canada is forecast to hold its interest rate steady when it meets March 6.