Canadian Dollar Falls as Carney Douses Rate-Increase Speculation
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The Canadian dollar weakened the most in about three months against its U.S. peer after Bank of Canada Governor Mark Carney suggested he may reduce his economic outlook and delay raising policy interest rates.
The loonie, as the currency is nicknamed for the image of aquatic bird on the C$1 coin, fell against almost all of its most-traded peers after Carney’s comments yesterday that his quarterly economic forecast next week will reflect a prolonged global recovery. Dalton McGuinty said yesterday he is stepping down as Ontario premier amid controversy over canceled power plants and an inability to implement budget cuts.