Loonie at 75.02 U.S. cents
weakened to its lowest level in nearly two years against its U.S. counterpart on Monday as investors braced for domestic inflation data and a Federal Reserve interest rate decision this week.
Canadian producer prices fell by 1.2 per cent in August from July on lower prices for energy and petroleum products, Statistics Canada said.The underlying pressures driving inflation in Canada are likely to peak in the fourth quarter, economists told Reuters, though most see signs fast-rising prices are becoming entrenched and warn a recession may be needed to avoid a spiral.
Speculators have cut their bullish bets on the Canadian dollar to the lowest in eight weeks, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Sept. 13, net long positions had fallen to 12,425 contracts from 17,910 in the prior week.
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