By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened to a five-month low against its U.S. counterpart on Tuesday as investors assessed weak ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSTORONTO - The Canadian dollar weakened to a five-month low against its U.S. counterpart on Tuesday as investors assessed weak Chinese data and awaited a Bank of Canada interest rate decision, but higher oil prices capped the currency's decline.
"The weak Chinese services PMI, I think that was the big reason for the drop overnight," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull."New lows this morning but oil has brought it back." Jitters over global growth, particularly in China, led to investors flocking to the safe-haven U.S. dollar. It climbed against a basket of major currencies, adding to its gains in recent weeks as bond yields climbed.
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