The Canadian dollar declined Monday as crude oil prices took a negative turn and an overall gloom over global growth ignited woes in markets.
US crude prices ended at $44.43, partially affected by huge losses on Wall Street. Also, markets have been anxious over the condition of the Chinese economy along with other emerging markets.
The loonie stood at 74.66 US cents from Friday’s 75.10 US cents.
Generally speaking, it is oil and risk appetite. Not a bunch of figures or information last weekend “really justifies the declines, but it’s there and it’s very troubling to asset markets,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets.
Traders will expect Canadian gross domestic product data for July due Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com