Canadian Dollar Declines for 2nd Day as Traders Pare Risk Assets

Canada’s dollar fell for a second day against its U.S. counterpart as demand for currencies of commodity producing nations eased amid speculation Europe’s financial crisis will slow global growth.

The currency is poised for the biggest drop versus major peers in almost a year on concern demand for the nation’s raw materials will ease and keep the Bank of Canada from raising interest rates.

“It’s risk off, plain and simple,” said Shaun Osborne, chief currency strategist at Toronto-Dominion Bank (TD)’s TD Securities unit, in an e-mail.

Canada’s currency, nicknamed the loonie, dropped 0.6 percent to C$1.0315 per U.S. dollar at 10:02 a.m. in Toronto. One Canadian dollar buys 96.95 cents.

Read Full Article from Bloomberg

- Posted: 2012-06-28 11:57:37

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