The Canadian currency ended its sixth week of losses against its U.S. counterpart as commodities and stocks dropped moved by concerns that the global slump will be longer and deeper than previously predicted.
The Canadian currency, one of the most linked to stock and commodity prices, lost against the greenback this week as the crude oil dropped the most since January, and considering that raw materials account for more than 50 percent of the Canadian exports, the loonie outlook was directly affected by this bearish sentiment in commodities markets. A report during the week added pessimism for the Canadian economy forecasts, as unemployment numbers rose more than expected in June.
USD/CAD ended the week being traded at 1.1619 from a rate of 1.1675 in the beginning of the week.
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