Friday, October 24th2.8°C
23711
22916

Canadian dollar at July, 2012 levels

The Canadian dollar was lower for a sixth session Monday amid concerns about weakening economic conditions.

The loonie fell 0.18 of a cent to 97.78 cents US, its lowest level since early July 2012.

February has not been kind to the loonie, which is down about 2.5 US cents for the month on a combination of factors.

These include sliding commodities, worries about the strength of the Canadian housing sector and the price differential between benchmark Brent crude and Western Canadian Select from the oilsands.

Traders are also concerned about U.S. economic strength, particularly as a March 1 deadline looms when more than US$85 billion in across the board spending cuts will be triggered.

Also, the U.S. dollar gained strength last week amid concerns the U.S. Federal Reserve may abandon its easy monetary policy sooner than many analysts have been predicting.

Finally, the loonie was hit at the end of last week as lower than expected retail sales for December pointed to a weakening economy while tame inflation figures indicated the Bank of Canada won't be raising rates any time soon.

The Canadian Press


Read more Business News

23630


Recent Trending




Today's Market

 
Okanagan Companies

 





FEATURED Property
211436430-4000 Ponderosa Place
2 bedrooms 2 baths
$379,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

_








Member of BC Press Council


22620