Forex
Loonie Weakens Against Major Currencies Amid Fed Rate Hike
The Canadian dollar took a hit against major currencies last week, ending September 18. It fell to its lowest point in a month against the US dollar, with USD/CAD rising to 1.4005.
This underperformance was notable as global central banks signaled diverging paths and commodity moves failed to rescue the loonie.
The CAD fell against all top-traded currencies in our basket, with the most significant move versus the US dollar. Loonie weakness also showed up against the euro, yen, and Swiss franc, while only holding ground against the Australian dollar.