MARKET NEWS
Canadian dollar hits 11-week low on 'aggressive' Bank of Canada - REUTERS
By Fergal Smith
- Canadian dollar weakens 0.2% against the greenback
- Touches its weakest since Aug. 5 at 1.3862
- BoC cuts its policy rate by 50 basis points
- 10-year yield increases half a basis point
TORONTO, Oct 23 (Reuters) - The Canadian dollar weakened to an 11-week low against its U.S. counterpart on Wednesday as the Bank of Canada cut interest rates by an unusually large amount and the greenback added to its recent broad-based gains.
The loonie was trading 0.2% lower at 1.3840 to the U.S. dollar, or 72.25 U.S. cents, after touching its weakest intraday level since Aug. 5 at 1.3862.
"The Canadian dollar is suffering from two things," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. "One is a strong U.S. dollar and the second thing is among the most aggressive central banks in the world."
