BLBG: Canada’s Currency Declines for Second Day in Year-End Trading
Canada’s dollar dropped for a second day as investors wrapped up business heading into year-end.
“The Canadian dollar is consolidating,’’ said Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York. “People aren’t doing business unless they have to.’’
The Canadian dollar depreciated 0.3 percent to C$1.2190 per U.S. dollar at 8:38 a.m. in Toronto, from C$1.2153 yesterday. One Canadian dollar buys 82.03 U.S. cents. The currency, known as the Loonie, will weaken to C$1.34 by the second quarter of next year, according to Chandler.
Canada’s financial markets are closed today for the Boxing Day holiday.
The yield on the two-year government bond was little changed at 1.20 percent. The price of the 2.75 percent security due in December 2010 was C$102.93.
