Canada’s Dollar Weakens as Carney Named Bank of England Governor
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The Canadian dollar fell from almost a two-week high against its U.S. counterpart as Bank of Canada Governor Mark Carney was named chief of the Bank of England, spurring speculation over who will replace him in Ottawa.
The currency weakened as risk appetite waned amid concern that Europe is struggling with its debt crisis and a budget deadlock may push the U.S. into recession. Crude oil, Canada’s biggest export, and stocks fell. Bonds rose. Finance Minister Jim Flaherty said the government will soon form a special committee to recruit Carney’s replacement.