Canada Dollar Drops Almost to Lowest in 3 Years on Rate Outlook

The Canadian dollar fell to almost the weakest level in three years with the Bank of Canada projected to keep interest rates low for more than a year as the Federal Reserve prepares to slow economic stimulus.

The currency tumbled to its lowest in almost four years against the euro as some of the world’s largest investors put money into European bonds, which are expected to gain next year amid losses in North American debt. The Bank of Canada won’t raise its benchmark interest rate until the second half of 2015 as it awaits stronger global growth to aid the country’s exports, according to a Bloomberg survey of 16 economists.