The Canadian dollar, known as the “loonie,” has Falls by 0.5 percent against the US dollar, reaching its weakest level in Past eight days.
Michael Goshko, senior market analyst at Convera Canada ULC told Reuters that “The Canadian dollar was not positioned to resist the recent surge in the U.S. dollar for an extended period. We are witnessing the dominance of a robust U.S. dollar for nearly two months now, coupled with a diminishing risk appetite,”
Canada, who is a prominent manufacturer of commodities, most especially oil, exhibits sensitivity to shifts in investor sentiment. In response, the price of oil registered a modest 0.8 percent increase, reaching $90.39 per barrel, bolstered by anticipations of tightened supply.
Preliminary data from Statistics Canada shows a noteworthy uptick in Canadian wholesale trade by 2.6 percent in August compared to that of July, with factory sales concurrently surging by 1 percent. Additional insights into the domestic economy’s vigor are anticipated with the release of GDP data for July on Friday.