Canadian Dollar Drops To 4-day Low Against U.S. Dollar
April 09 2012 - 08:48AM
RTTF2
The Canadian dollar fell against the U.S. and the Australian
dollars in European deals on Monday amid a slide in oil prices.
The price of crude oil was moving lower amid demand concerns
after data showed the rate of inflation in China rose faster than
expected. Also, disappointing jobs data from the US last week
weighed on trader sentiment.
Crude for May delivery declined 1.42 cents or 1.38 percent to
$101.89 per barrel at 8:14 am ET.
The loonie declined to a 4-day low of 0.9998 against the
greenback, compared to Friday's close of 0.9971. The loonie is now
trading at 0.9997 against the greenback with 1.002 seen as the next
downside target level.
Against the Australian dollar, the loonie edged down to 1.0291
with 1.035 seen as the next downside target level. At last week's
close, the pair was worth 1.0280.
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