Canadian Continues to Fall

Canadian dollar depreciated to its monthly lows today after global commodities prices went down. The OPEC warned that they might increase the oil output to counter the possible economical slowdown on oil-importing countries. That message caused a decline in oil prices.
Canada is one of the world’s largest oil exporters which is not in OPEC. Decreasing oil prices make Canadian currency less attractive to foreign buyers. USD/CAD Forex rate fell from 0.9896 to 0.9943, but it also touched 0.9950 during trading day, which is the lowest CAD’s value since October 5, 2007.
Canadian dollar is one of the leaders among currencies that has started to depreciate against dollar when the carry trade began to end and financial crisis started to rage among world’s biggest banks. One of the reason for this remains the announced concern of the Canadian government to see its currency more depreciated against dollar to help their exporters.

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