Canada Dollar Declines Along With Oil as Risk Appetite Drops
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The Canadian dollar declined for the first time in three days versus its U.S counterpart as crude oil, the nation’s largest export, and stocks dropped amid a decrease in investor appetite for risk.
The currency briefly pared the decline as a report showed Canada’s gross domestic product grew at a 2.5 percent annualized pace from January to March, the fastest in six quarters, after a revised 0.9 percent gain in the fourth quarter, Statistics Canada said from Ottawa. Canada’s dollar retreated again as gold tumbled, leading commodities lower.