Canadian Dollar Weakens for Seventh Day on Yield Spreads
The loonie hit a four-week low of 1.3720 per U.S. dollar as yield spreads widened in favor of the greenback. Investors are reacting to softer Canadian labor data and expectations that the Federal Reserve will maintain higher interest rates for longer.
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Canada saw its currency fall 0.1% to 1.3720 per United States dollar, marking a seventh consecutive day of declines. The loonie hit its weakest intraday level since April 16 as the yield gap between Canadian and U.S. bonds reached its widest point since January. The widening spread reflects diverging monetary policy expectations between the two central banks.
