The Canadian dollar reached a four-year low for a second day amid speculation the nation’s central bank may signal at a meeting next week the need for lower interest rates amid faltering economic growth.
The Canadian dollar traded at almost the lowest point in more than three years as speculation the Bank of Canada will keep interest rates unchanged in 2014 bolstered bets against the currency.
The Canadian dollar weakened for a third day before a Federal Reserve rate decision that may see the central bank slow the monetary stimulus that is thought to depress the value of the U.S. currency.
The Canadian dollar traded at almost a three-year low amid speculation Federal Reserve officials may signal the central bank will slow its monetary stimulus program as soon as next week.
The Canadian dollar appreciated for the first time in five days, rising from a more than three-year low, amid speculation employment growth may suggest stronger economic improvement than the Bank of Canada indicated.
The Canadian dollar rose against a majority of its 16 most-traded peers after a report yesterday that the nation’s economy grew more than forecast in August eased concern caused when the Bank of Canada lowered growth forecasts last week.
The Canadian dollar traded at almost the strongest level this month against its U.S. counterpart on speculation weaker-than-forecast U.S. jobs gains last month will lead the Federal Reserve to maintain its monetary stimulus.
