Voted Best Customer Service Canada
Follow us on Instagram Follow us on Facebook Follow us on Twitter Watch us on YouTube Review us on Yelp            
      604.669.6006 | 800.687.9020

January 16th - Bloomberg

Canada's dollar fell to a four-month low as investors sold currencies tied to global growth and demand for commodities on concern that the world's largest economy was slowing.

The currencies of other commodity-based economies including Australia, Brazil, South Africa and New Zealand also declined on speculation investors will dump assets from the regions on concern that U.S. demand for exports will decline.

``This environment isn't conducive for the Canadian dollar,'' said Marc Chandler, global head of currency trading at Brown Brothers Harriman in New York. ``Its central bank will have to cut rates to mitigate the effects of the slowing U.S. economy.''

Canada's dollar dropped 0.6 percent to C$1.0247 at 4:08 p.m. in Toronto, from C$1.0184 yesterday. One Canadian dollar buys 97.60 U.S. cents. Earlier, it touched C$1.0284, the weakest since Sept. 18.

Government reports last week showed that Canada's economy unexpectedly lost jobs in December and building permits plunged in November. The currency has declined 2.5 percent since the start of the year, the biggest decline among the 16 most actively traded currencies versus the U.S. dollar.