Canadian dollar in longest decline since early '07

Tue Jul 29, 2008 5:24pm EDT
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By John McCrank

TORONTO (Reuters) - The Canadian dollar trickled lower against the U.S. dollar for a sixth-straight session on Tuesday, its longest losing streak in nearly a year and a half, due in part to a stronger greenback and softer commodity prices.

Domestic bond prices, with no key data to influence a move, were mostly lower, taking direction from the U.S. market.

The Canadian currency closed at C$1.0238 to the U.S. dollar, or 97.68 U.S. cents, down from C$1.0230 to the U.S. dollar, or 97.75 U.S. cents, at Monday's close.

During the day, the currency slipped as far as C$1.0274 to the U.S. dollar, its lowest level since June 16, but was still well off its low point of C$1.0380 for the year, hit January 22.

The last time the Canadian dollar fell for six straight sessions was in late February and early March 2007.

"Another tough day for the Canadian dollar and another good day for the U.S. dollar," said Steve Butler, director of foreign exchange trading at Scotia Capital.

The greenback rose against most major currencies as oil and other commodity prices softened and a report showed that U.S. consumer confidence unexpectedly perked up in July.

Canada is a major exporter of many commodities and is the biggest supplier of oil to the United States.   Continued...