Investing.com – The Canadian dollar fell on Wednesday as falling oil prices weighed and the Bank of Canada kept rates steady as expected.
Oil, one of Canada’s biggest exports, fell as trade tensions between the U.S. and China exacerbated. China signaled it would use rare earth elements to put pressure on the U.S., increasing fears that the stand-off could cause a global recession.
slumped 2.1% to $57.89 a barrel, while fell 0.1% to 1.3505 by 10:35 AM ET (14:35 GMT).
Meanwhile, the greenback inched up 0.1% to 97.935 amid a U.S. equity selloff and a steep inversion of the yield curve. The U.S. Treasury note fell further below the 3-month rate, which is seen as a leading indicator of a recession.
The , which measures the greenback’s strength against a basket of six major currencies, gained 0.1% to 97.963.
The greenback was higher against the safe-haven Japaese yen, with up 0.03% to 109.38.
Elsewhere, the euro fell on the stronger dollar, with down 0.2% to 1.1141, while cable was flat, with at 1.2650.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Australian Dollar Steady After RBA Decision - June 4, 2019
- Yuan Watchers Say 7 Is No Longer a Sticking Point for China - June 4, 2019
- Fresh Losses Coming for Australian Dollar, Strategists Say - June 4, 2019