Market News
Canadian dollar hits 2-year low against dominant US counterpart - REUTERS
By Fergal Smith
- Canadian dollar falls 0.2% against the greenback
- Touches a 2-year low at 1.3967
- 10-year yield rises 8.9 basis points
- Falls 116 basis points below US equivalent
TORONTO, Nov 12 (Reuters) - The Canadian dollar weakened to a two-year low against its U.S. counterpart on Tuesday as the prospect of inflationary U.S. economic policy bolstered the greenback and widened the gap between U.S. and Canadian bond yields.
The loonie was trading 0.2% lower at 1.3945 to the U.S. dollar, or 71.71 U.S. cents, after touching its weakest intraday level since October 2022 at 1.3967.
"The loonie is joining the rest of the G10 as the USD continues to take center stage," said Amo Sahota, director at Klarity FX in San Francisco.
