Canadian Currency Falls Most in Two Months as Commodities Tumble
This article is for subscribers only.
Canada’s dollar weakened the most in almost two months against its U.S. counterpart as falling commodities and slower inflation stoked bets the world’s 11th-largest economy is faltering.
The currency fell the most since 2011 on April 15 as commodities slid, led by gold, which had its biggest drop since 1983. The Bank of Canada kept its key interest rate at 1 percent while cutting its full-year growth forecast to 1.5 percent, saying economic slack will persist for two years. The inflation rate slowed to 1 percent, the bottom of the central bank’s target range. A report next week may show retail sales slowed.