Canadian Dollar Falls Versus Major Peers as Crude Oil Declines
20.05.12
Dec. 30 (Bloomberg) -- The Canadian dollar fell against all of its most-traded counterparts as declines in stocks and crude oil, the nation’s biggest export, dimmed the appeal of currencies tied to growth.
Canada’s currency, dubbed the loonie for the image of the aquatic bird on the C$1 coin, posted declines for the month and the year. It traded on average above parity with its U.S counterpart for the first time in more than three decades. The greenback also weakened against most major peers.
“Typically when the U.S. dollar is offered, the Canadian dollar loses on the crosses,” said Marc Chandler, global head of currency strategy in New York at Brown Brothers Harriman & Co. “There is no liquidity,” he said, referring to market volumes being lighter than usual.
The loonie was little changed at C$1.0213 per U.S. dollar at 5 p.m. Toronto time. It touched C$1.0126 two days ago, the strongest since Dec. 8. One Canadian dollar buys 97.89 U.S. cents. Canada’s dollar was little changed against the euro at C$1.3237 after yesterday reaching its highest since January.
Source: BusinessWeek