Canadian Dollar Hits Two-Month Low on Geopolitical Risk
The Canadian dollar hit a two-month low as geopolitical risks drove demand for the U.S. greenback. Strong oil prices and factory data failed to offset the decline.
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The Canadian dollar dropped to a two-month low against its United States counterpart on Tuesday. This decline occurred as safe-haven demand for the greenback overshadowed the potential economic benefits of rising oil prices for Canada. The USD/CAD exchange rate saw the loonie trading 0.4% lower at 1.3784, marking its weakest performance since January 23.
