Friday, April 29, 2011

Canadian Dollar Weaker on Slowing Economy

The Canadian dollar â€" known as the “loonie” â€" lost ground to the US dollar this morning on news that the Canadian economy expanded by an annualized rate of 2.9 percent in February. This is the lowest increase in a year and contributed to the loonie’s 0.1 percent to 95.13 cents against the US dollar from 95.06 cents yesterday.

“GDP was a little weaker than expected and what that’s really done is push expectations of a rate hike from BOC from July to September,” said Blake Jespersen, director of foreign exchange in Toronto at Bank of Montreal.

Source: Bloomberg

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