Thursday saw the Canadian dollar continue losing value against the U.S. dollar as the monetary headed toward its longest bearish streak in about four months, Bloomberg reports.
Losses to commodities pulled down the loonie as the monetary unit supports a nation whose economy is based on the export of its natural resources. The currency fell to its lowest value in almost seven months against the U.S. dollar.
Questions about the U.S. Federal Reserve's plans for monetary stimulus programs also pulled down the loonie on Thursday, according to The Canadian Press. Minutes from the January meetings of Fed policy makers were released on Wednesday and the officials discussed the longevity of quantitative easing.
"The take-aways of the minutes are important as they suggest that there is increased concern over QE, particularly with how it might complicate the ultimate withdrawal from asset purchases in the future," chief currency strategist Camilla Sutton with Scotia Capital told The Canadian Press on Thursday.
Losses to the loonie on Thursday were pushing the monetary unit toward its longest run of poor performance since October of last year.
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