Posted On: June 18, 2012
The value of the monetary unit of Canada fell against its southerly rival on Monday, pulled down by economic data indicating that the country is seeing a slowdown in growth, according to
The Canadian dollar also tracked the downward drive of crude oil, the nation's top commodity export. Canada's economy is largely based on the shipping of its natural resources and oil is the lead export. But, despite losses against the U.S. dollar, the loonie increased against the shared currency of the European Union.
"There's more and more pressure on the Fed to do something proactive," chief strategist Dean Popplewell with online currency-trading firm Oanda Corp told Bloomberg. "If we don't have that, then the market will start unwinding whatever risk is actually left out there."
Boosting the loonie against the euro was the prospect of additional intervention ordered by the U.S. Federal Reserve as the body's policy-making arm prepares for two days of meetings beginning on Tuesday.
The Canadian Press reports
Monday's poor performance across the commodity complex also dragged down the value of the loonie.
Category: Industry News
Foreign Exchange Services for Business
With a focus on payment services, Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions.
See our available FX payment services