Compared to the US dollar, the loonie lost three-fifths of a penny on Monday, falling to its lowest point in over a month and a half.
The Canadian dollar closed at 79.78 US cents, a loss of 0.63 cents from its closing price on Friday. On April 13 the loonie reached its lowest intraday price of 79.60. Since reaching a high of 83.86 US cents in mid-May the Canadian dollar has fallen by over four cents.
“U.S. releases are the key risk for [the Canadian dollar] as we consider last week’s Bank of Canada statement and its optimistic tone centered on the U.S. outlook driving export-led growth,” said Eric Theoret, a foreign exchange strategist at Scotiabank.
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