The Canada dollar was also weaker, down 0.82 U.S. cents at 79.37 cents. Chris King, portfolio manager at Morgan, Meighen and Associates, said the financials sector was pulled down by foreign investors shorting the stocks of Canadian banks.
Bank of Canada Governor Stephen Poloz said Wednesday a weaker currency will boost non-energy exports, while RBA head Glenn Stevens said the local dollar remains overvalued, and a lower exchange rate is needed to achieve balanced growth.
All of the city's major festivals - Just For Laughs, the Montreal International Jazz Festival and Osheaga - have been hit hard by the slumping Canadian dollar relative to the American buck. Our loonie has dipped by about 20 per cent in the past year ...
S�bastien Galy has a thought for those who think the Canadian dollar is headed for the 69-cent range. The senior foreign exchange strategist at Soci�t� G�n�rale thinks the loonie is close to hitting bottom, with a rebound in sight after that.
The Canadian dollar moved higher Monday amid an uptick in oil prices and a weakening U.S. dollar. At the close of trading, the loonie was at 79.94 US cents, after rising above 80 cents for the first time in weeks.
So-called core prices, which strip out volatile items and help guide the Bank of Canada, rose 0.2 per cent on the month and 2.2 per cent on a 12-month basis, The Globe and Mail's David Parkinson reports.