-
All the Loonie Bulls Disappeared in Just One Week - Here’s Why
The optimism that propelled Canada’s dollar over the last three months to the biggest rally among Group of 10 currencies seems to have taken about a week to disappear. The currency weakened to the lowest in a month on Friday, capping the first weekly decline versus its U.S. counterpart since the five days ended April 10. The 2.2 percent slump was the biggest weekly drop since January. The sudden reversal comes as a rebound in prices for crude oil, Canada’s largest export, slowed, and a report Friday showed consumer prices fell in April even as signs of inflation picked up in the U.S. Traders are downgrading ... (full story)