The Canadian dollar hit its weakest level against the US dollar since April 28th, reaching 1.3644 on Thursday. A drop in oil prices and a lack of progress in the US debt ceiling negotiations contributed to the weakening of the Canadian dollar against the US dollar.
The Canadian dollar is approaching a three-week low against the US dollar today as negative market sentiment propels the US dollar higher. The combination of Chinese equity markets moving into negative territory for the year and the rapidly approaching US debt ceiling deadline has led investors to sell riskier assets such as the Canadian dollar and buy safe haven assets such as the US dollar.
Overnight, the Canadian dollar weakened by about ¼ of a penny against the US dollar. However, this morning, both the CAD and USD are underperforming against major global currencies. The USD/CAD pairing has mostly experienced range-bound trading over the last two days, with the exchange rate bouncing between defined levels. All the action occurred earlier this week following the release of higher-than-expected April inflation numbers in Canada. Initially, this news provided a temporary boost to the Canadian dollar, leading to a decline in USD/CAD from a high of 1.3567 to around 1.3400 on Wednesday. However, much of this decline was quickly reversed.
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