Economics
Canadian Dollar Drops From 13-Month High Amid Growth Speculation
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Canada’s currency dropped from a more-than 13-month high against its U.S. counterpart as investors speculated whether the Federal Reserve’s stimulus measures will spur economic growth outside of America.
The currency fluctuated as technical measures indicated the rally was approaching levels traders say suggest it may be close to overdone. It earlier reached the strongest level since August 2011 as the U.S. central bank’s plan spurred demand for higher-yielding assets. Canadian Finance Minister Jim Flaherty said that while he is concerned about volatility, recent gains in the country’s currency reflect Canada’s economic success.