Market News
Canadian dollar hits 12-week low amid Trudeau government uncertainty - REUTERS
By Fergal Smith
- Canadian dollar weakens 0.2% against the greenback
- Touches its weakest since Aug. 5 at 1.3929
- Price of U.S. oil settles 0.25% lower
- 10-year yield touches a three-month high
TORONTO, Oct 29 (Reuters) - The Canadian dollar weakened to a 12-week low against its U.S. counterpart on Tuesday as oil prices fell and investors weighed rising domestic political uncertainty.
The loonie was trading 0.2% lower at 1.3915 per U.S. dollar, or 71.86 U.S. cents, after touching its weakest intraday level since Aug. 5 at 1.3929. Since late September, the currency has weakened 3.6%.
"Markets dislike uncertainty, and right now, the political landscape is quite unpredictable," said Tony Valente, senior FX dealer at AscendantFX.
