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The Canadian Dollar Drops Sharply

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The Canadian Dollar Drops Sharply

Post by joanfx on Fri Sep 21, 2012 9:01 am

The Canadian dollar dropped to its lowest level in eight weeks against its U.S. counterpart. As data from all over the world indicated tht the global economy is slowing down, which in turn restricted the demand for higher-yielding assets. The Loonie slipped for a second consecutive day as Eurozone’s services and manufacturing output declined to a 39-month low in September and China’s manufacturing sector shrank for an 11th consecutive month. The index of the U.S. leading economic indicators dipped in August and manufacturing in the Philadelphia region contracted for a fifth month in a row in September. Tomorrow Statistics Canada is expected to announce its CPI figures with analysts expecting the number to remain unchanged from the previous relevant period – at 1.3%. The Canadian dollar dropped 0.3% to 97.77 cents per U.S. dollar after trading with a loss of 0.7% at one point during the session. The Loonie changes hands at 1.0228 U.S. dollars.

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Re: The Canadian Dollar Drops Sharply

Post by olixlite on Tue Jul 22, 2014 10:11 pm

It is shocking news in fact, I wonder effect this would have on the market. As I have gathered so far, it was said that this has been it's lowest drop since 2009, and there are speculations that the slow growth of the economy would push the Bank of Canada to closer to considering lowering it's interest rate. Lets just things have gotten better, or would get better.

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