Canada’s Dollar Drops on Fed Outlook for Slower Growth in U.S.
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The Canadian dollar fell a day after the Federal Reserve said the recovery of Canada’s biggest trade partner is “considerably slower” than anticipated.
Canada’s currency, also known as the loonie, erased yesterday’s gain, which was the biggest in more than a year. Stocks worldwide declined today on renewed concern Europe’s sovereign-debt crisis is getting worse. A rally in Canadian government 10-year bonds pushed the yield to 2.31 percent, the lowest level since at least 1989.