The
Canadian dollar started the origin calendar week of May past times incurring additional losses against its American counterpart, the U.S. dollar. Since Monday, the CAD has added some other 0.77 per centum of losses to April’s 2.5 per centum refuse against the USD.
And on Tuesday morn (11:30 a.m. EST), Canada’s currency traded at its lowest grade vs. the Federal Reserve notation since Feb 25, 2016: 1.37575!
Tuesday's losses too grade an 8-day losing streak for the Canadian dollar, which has taken away about 1.75 per centum of the CAD's value:
The electrical current losing streak is 1 of the longest on tape - minute entirely to the 12-day losing streak inward Jan of 2016 that pushed the USD/CAD charge per unit of measurement to 1.4600.
Last month’s aggressive moves past times the Trump direction on Canadian merchandise policy
weighted heavily on Canada’s currency, which striking a
14-month low on Apr 25th, afterwards the U.S. Department of Commerce slapped a 20% tariff on Canadian softwood lumber imports into the United States.
But the CAD’s losses inward the origin ii days of May are mainly a number of ongoing weakness inward the unloose energy markets, especially the cost of unsmooth oil, which has fallen unopen to 3.5 per centum since May 1, 2017.
Today, the cost unsmooth crude traded equally depression equally $47.69 per barrel - lowest cost since the cease of March.
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