Loonie at 73.94 U.S. cents
weakened to its lowest level in more than two months against its U.S. counterpart on Wednesday as the recent jump in long-term borrowing costs weighed on investor sentiment.
Risk-sensitive currencies, such as the Canadian dollar, “remain on the defensive,” Karl Schamotta, chief market strategist at Corpay, said in a note. A combination of sticky inflation and robust economic growth, particularly in the United States, has fanned fears of interest rates staying higher for longer.
U.S. crude oil futures settled nearly 2% lower at $79.38 a barrel as investors weighed worries about China’s embattled economy against expectations of tighter supply in the United States.
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