Loonie at 72.60 U.S. cents
weakened to its lowest in more than one week against its U.S. counterpart on Friday as global banking crisis concerns flared up and preliminary domestic data showed some major sectors of the economy weakening in February.
The price of oil, one of Canada’s major exports, fell 2.3 per cent to $68.33 a barrel, while the Canadian dollar was trading 0.8 per cent lower at 1.3775 to the greenback, or 72.60 U.S. cents. It touched its weakest level since March 15 at 1.3804.Canadian retail sales rose 1.4 per cent in January, data from Statistics Canada showed. But flash estimates for February showed a decline of 0.6 per cent as well as declines for wholesale trade and manufacturing sales, down 1.6 per cent and 2.
The BoC has already paused its aggressive tightening campaign, leaving its benchmark rate on hold at 4.50 per cent earlier this month.
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