Canadian dollar hits five-week low as China deals potential blow to economy GlobeInvestor
The Canadian dollar weakened to its lowest in more than five weeks against its U.S. counterpart on Tuesday, one day before an interest rate decision by the Bank of Canada, as China dealt a potential blow to the Canadian economy.
The move came after the Chinese government and its leading smartphone maker, Huawei Technologies Ltd, stepped up pressure on Monday on the U.S. and Canadian governments in a dispute over trade and telecommunications technology that has ensnared Huawei’s chief financial officer, who faces U.S. criminal charges.The Bank of Canada, which has raised interest rates 125 basis points since July 2017, is widely expected to leave its benchmark rate on hold on Wednesday at 1.75 per cent.
At 10:00 a.m. EST , the Canadian dollar traded 0.2 per cent lower at 1.3337 to the greenback, or 74.98 U.S. cents. The currency touched its weakest since Jan. 25 at 1.3352.
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