The Canadian dollar sank as negative sentiment on the Forex market drove investors away from currencies related to economic growth and commodities. The currency advanced versus the euro, though.
Shaun Osborne, the chief currency strategist at Toronto-Dominion Bank TD Securities unit, said:
The US dollar is starting to pick up some momentum against the Canadian dollar from here. We have commodity prices that look quite soft.
Indeed, commodities, as well as other assets that are associated with risk, were under pressure. Crude oil, the major export of Canada, declined 0.9 percent to $79.10 per barrel in New York. The MSCI All-Country World Index was down 1.4 percent and the Standard & Poorâs 500 Index lost as much as 1.6 percent yesterday.
USD/CAD was at 1.0275 as of 1:47 GMT today, following yesterday’s advance from 1.0267 to 1.0289. EUR/CAD slipped from 1.2881 to 1.2863 and traded today near 1.2861. CAD/JPY traded at about 77.56 after it fell from 78.26 to 77.38 on the previous trading session.
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