Canadian Dollar Drops as GDP Signals Slowing Growth Versus U.S.
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The Canadian dollar fell to almost the lowest since 2011 as a slowdown in gross domestic product growth in April highlighted the nation’s diverging economic prospects from the U.S., its largest trading partner.
Output rose 0.1 percent to an annualized C$1.57 trillion ($1.50 trillion) after a 0.2 percent gain in March, Statistics Canada said in Ottawa. The currency extended a loss after comments by two U.S. Federal Reserve officials fueled bets on a tapering of asset buying. Canada’s dollar represented 1.57 percent of the $6.05 trillion in official foreign-exchange reserves in the first quarter, according to the International Monetary Fund’s first data on global holdings of the currency.