The laggardly pace of U.S. political leaders' negotiations pulled down the value of the monetary unit of Canada on Wednesday, Bloomberg reports.
Notching a second day of losses, the Canadian dollar also slipped against the common currency of the European Union. John Boehner, speaker of the U.S. House of Representatives, offered a back-up plan to compensate for large differences between his Republican peers and positions held by the Obama administration.
The body led by Boehner might vote as soon as Thursday on his Plan B, which aims to increase the tax rate on people whose income trumps $1 million as opposed to the $400,000 threshold proposed by President Obama. The Obama administration and Democrats turned down Boehner's plan.
The negotiations are impacting the value of the Canadian dollar since Canada and the U.S. share a strong trade and commerce partnership.
Losses to the loonie were tempered by wholesale trade figures growing 0.9 percent during October after having plunged during the month prior, according to Reuters. The gains during the first month of the final quarter of the year were stronger-than-anticipated.
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