Canadian dollar weakens as investors worry about U.S.-China trade GlobeInvestor
The Canadian dollar weakened against its U.S. counterpart on Tuesday as investors worried that trade negotiations between the United States and China were unravelling, which could hurt the global economy.
Canada runs a current account deficit and exports many commodities, including oil, so its economy could suffer if the global flow of capital or trade slows.U.S. crude oil futures were down 1.4 per cent at $61.41 a barrel. On Monday, Bank of Canada Governor Stephen Poloz said it was impossible to predict the consequences of an escalation in the U.S.-China trade dispute. He also said the housing sector was solid despite a series of challenges and called for a more flexible mortgage market to help make the country’s financial system safer.
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