Criticism of economy-spurring measures by officials in Japan and China dragged down the value of the Canadian dollar against its top rivals on Wednesday, according to Bloomberg.
The loonie sank the most in seven days against the U.S. dollar after the economy minister of Japan and a Russian central bank official publicly noted questions about watering down the value of monetary units as a strategy of spurring economic development and growth.
"The Canadian dollar is weaker on general market sentiment, which is shedding risk," senior vice president John Curran with CanadianForex told Reuters on Wednesday. "People are comfortable with their levels against the U.S. dollar for those currencies. There's still a bit of a premium attached to all of them."
Also pulling down the value of the Canadian dollar during the Wednesday trade session was slippage to crude oil, which is the top commodity of the nation whose economy is underpinned by the export of its natural resources.
Concerns are growing about the strength of the global economic recovery from the Great Recession, which also is impacting the loonie's performance on Wednesday, Reuters reports.
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