Canadian Dollar Declines


Canada's dollar fell, trading near the lowest in almost a year, as the U.S. dollar strengthened against most major currencies.

The Canadian dollar has weakened in nine of the last 10 trading days as economic growth slows. The currency has declined 5.5 percent since July 11 when oil reached a record $147.27 a barrel. Oil traded at $113.64 today. Commodities account for about half of the nation's exports, while the U.S. is Canada's biggest trading partner.

The currency fell 0.4 percent to C$1.0674 per U.S. dollar at 9:45 a.m. in Toronto, from $1.0637 yesterday. It touched as low as C$1.0728 yesterday, the weakest since Aug. 17, 2007. One Canadian dollar buys 93.70 U.S. cents.

The Canadian dollar weakened versus 11 of the 16 most- actively traded currencies today.


TradingEconomics.com, Bloomberg
8/13/2008 8:09:23 AM