Canadian Dollar Declines for Fourth Day as Risk Aversion Rises
This article is for subscribers only.
The Canadian dollar weakened for a fourth day, the longest losing streak versus its U.S. counterpart since May, on concern demand for natural resources will decline as investors question global-growth prospects.
The currency dropped to the lowest level since August as crude oil, the nation’s largest export, headed for a second weekly loss. Bank of Canada Governor Mark Carney said on Oct. 24 that the need for higher interest rates has become “less imminent,” a day after strengthening the case for tightening monetary policy.