The Canadian dollar fell to its weakest level against the greenback in more than a year and a half, while the Australian dollar also came close to reaching its weakest level versus its US peer since the early months of the Covid pandemic.
The Canadian dollar fell to its weakest level against the greenback in more than a year and a half, while the Australian dollar also came close to reaching its weakest level versus its U.S. peer since the early months of the COVID pandemic.
The US-Canadian dollar pair rose as much as 0.6 per cent to 1.3240, topping the level of 1.3224 reached in mid-July that had been the highest since November 2020. The milestone comes amid a broad-based surge in the U.S. currency that’s seen it reach multi-year extremes against most of its major peers in recent weeks. The Australian dollar slid 0.8 per cent to a low of US$0.6696, close to the US$0.6682 level it reached in July that was the weakest since the first half of 2020.
Despite a decline of more than 4 per cent this year against its American counterpart, the Canadian dollar remains one of the best-performing developed-market currencies in 2022. The country’s economy has been helped by higher prices for commodities and energy and a dialing back of COVID restrictions, with growth actually accelerating in the second quarter even as global recessionary concerns mounted.
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