Thursday, May 20, 2010

Canadian Dollar Still on the Slide

Worries that the Greek debt crisis could spread to other European countries, has caused the Canadian dollar to fall almost four cents to its US counterpart in the past week. The dollar was worth about 94.22 cents US Thursday morning in New York, down 1.55 cents from the close on Wednesday.

Investors are worried that a prolonged recession in Europe could lower demand for energy and other resource commodities. This could potentially affect the country directly as Canada is a major commodities exporter.

Source: The Canadian Press

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