Thursday, November 26, 2020

Canadian dollar fell against USD after reaching three-week high

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The Canadian dollar fell at the close of trading on Wednesday against its US dollar after hitting a three-week high on Tuesday as the dollar rose broadly ahead of the Fed’s latest meeting minutes.

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The Canadian dollar fell 0.1 percent to hit 1.3340 to the dollar or 74.96 US cents. The currency, which touched the strongest level on the day since March 21, touched on Tuesday at 1.3285 in the range of 1.3319 to 1.3360 dollars.

The Bank of Canada is keen to keep interest rates unchanged in the coming months as a drop in oil prices has contributed to a slowdown in the domestic economy.

The Canadian Central Bank is also concerned about the impact of global trade tensions on economic activity, especially as Canada faces its own trade conflicts, including a dispute with the United States over Canadian steel and aluminum export tariffs.

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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