News Snapshot:
The Canadian dollar hit its lowest level in over two months against its U.S. counterpart in early trading on Friday as the greenback hovered close to a 16-month low and crude oil prices slid on surplus jitters that weighed on the commodity currency. Today, the USD/CAD pair rose to 1.2794 from Thursday’s close of 1.2648. After gaining about 2.3% last month, the Canadian dollar weakened by over 3% so far this month. “With oil under pressure following reports that the US, China and other major oil consumers may be preparing to release crude oil reserves, CAD underperforms its peers,” noted...
