Canadian dollar drops ahead of expected Fed rate hike
The Canadian dollar declined for a fifth consecutive session against the greenback as markets braced for a potential Federal Reserve interest rate increase. Weaker domestic home sales added pressure to the currency while surging oil prices boosted Treasury yields.
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Canada's currency fell for a fifth consecutive day against the United States dollar, trading down 0.1% at 1.3915 USD/CAD on Tuesday afternoon. The slide comes as investors brace for an expected interest rate hike by the Federal Reserve. It marks the currency's longest losing streak since June.
