Canada's currency sank to its lowest value in more than a week against the world's reserve currency on Monday, Bloomberg reports.
The Canadian dollar and the monetary units of New Zealand and Australia, all of which are connected with commodities, did not demonstrate strong performances against haven assets such as the Swiss franc and the Japanese yen. The value of the loonie dropped 0.3 percent of its value as it headed toward its lowest rate against its southerly rival since June 29.
The Canadian Press reports one factor drawing attention is the quarterly Business Outlook/Senior Loan Officer surveys issued by the Bank of Canada.
"These reports weigh pretty heavily in the central bank's decision making process which, at this stage, seems to boil down to the choice of maintaining their tightening bias at next week’s rate meeting," Canadian FIC Strategy head Mark Chandler with RBC Dominion Securities told The Canadian Press.
Despite losses to the monetary unit on Monday, government bonds issued by Canada were on the rise for the second straight day of gains.
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