The Canadian dollar fell today versus the euro to the lowest level more than a week and weakened against the US dollar after the prices for crude oil declined and stock dropped.
October futures for oil delivery slipped as much as 1.6 percent to $74.81 per barrel. Oil is the main Canada’s export. The oil sands in Alberta, Canadaâs fourth most populous province, contain about 170 billion barrels of petroleum, the largest pool outside Saudi Arabia. The Standard & Poor’s 500 index went down 0.4 percent.
The Bank of Canada raised the benchmark overnight rate by the 25 basis points to 1 percent last week. John Baird, the Conservative Government House Leader, said that the government would introduce three new measures to bolster the nation’s economy.
USD/CAD rose from 1.0261 to 1.0279 today as of 16:32 GMT, while EUR/CAD advanced from 1.3350 to 1.3442.
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