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The Canadian dollar fell to 79.3 U.S. cents, its lowest since April and down 3.8 cents from its June 2 high of 83.1 cents. Analysts attribute the decline mainly to expectations that the U.S. Federal Reserve will tighten sooner than expected due to a recovering economy and rising inflation expectations.
The loonie remained the top-performing G10 currency against the dollar this year.
Expectations of earlier Fed tightening strengthen the U.S. dollar, which typically pressures dollar-denominated commodity prices and makes U.S. exports less competitive.
theglobeandmail.comDavid BermanJul 15, 2021After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
