The Canadian dollar weakened to its lowest level in nearly two years against the greenback on Friday and Canada’s stock market fell as investors grew cautious ahead of domestic inflation data and a Federal Reserve interest rate decision next week.
The Canadian dollar was trading 0.3 per cent lower at 1.3270 per US dollar, or 75.36 US cents, after touching its weakest since November 2020 at 1.3307. For the week, the loonie was down 1.8 per cent, its biggest weekly decline since June.
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It follows hotter-than-expected US inflation data on Tuesday that spooked financial markets globally and pushed the US dollar sharply higher against a basket of major currencies.
“The dollar is an unstoppable juggernaut right now, with higher-than-expected inflation and an ever-more-hawkish Federal Reserve sucking capital into the United States and inflicting damage on the rest of…