The Canadian dollar continues its decline as the charge for fraud against the Goldman Sachs Group Inc. made the investors to shun the higher yielding assets, causing the prices for some commodities and the stocks to decline.
The prices for the crude oil, the nation’s key export, dropped after the Goldman Sachs was sued, worsening the investor’s sentiment for the riskier assets. The analysts think that this situation should be temporary as the traders’ panic will eventually go away, while the Canada’s economy looks very strong in the long run and able to support its currency.
USD/CAD traded at about 1.0200 as of 11:37 GMT up from the opening rate of 1.0149. CAD/JPY traded near 90.06 after it opened at 90.58.
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