CAD at 3 Week Low Following US Yield Rise

The Canadian dollar weakened to a three-week low against its U.S. counterpart on Wednesday as oil and stock prices fell, while the greenback added to recent gains against a basket of major currencies.

usdcad Canadian dollar graph, April 25, 2018

The U.S. dollar .DXY notched a four-month high, boosted by a rise in benchmark U.S. Treasury yields above 3 percent.

Investors worry that increased borrowing costs could slow global growth, denting prospects for stocks and commodity-linked currencies such as the Canadian dollar.

The price of oil, one of Canada’s major exports, fell as rising U.S. fuel inventories and production weighed on an otherwise bullish market.

via Reuters