Canada’s Dollar Falls Most in 3 Months as Carney Notes Strength
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Canada’s dollar retreated the most in almost three months against its U.S. counterpart as Bank of Canada Governor Mark Carney said “persistent strength” in his country’s currency is a threat to economic expansion.
The loonie, as Canada’s currency is nicknamed, weakened yesterday as antigovernment protests in Egypt reduced demand for currencies linked to growth. The currency this week moved the least against the greenback since September 2007 after the Bank of Canada on Jan. 18 left its benchmark rate at 1 percent, where it’s been since September. The Canadian economy grew by 0.3 percent in November, Statistics Canada will report Jan. 31, according to a survey by Bloomberg News.