MW: Dollar falls to year-low versus Canadian currency
NEW YORK (MarketWatch) -- The U.S. dollar fell to its lowest level ina year versus its Canadian counterpart on Tuesday, following continued news about the possibility of pricing oil in a different currency than the greenback, and as a surprise rate hike in Australia triggered speculation that Canada may be one of the next major economies to lift interest rates. The U.S. dollar fell to the lowest in just over a year to $1.0557, down 1.1% from late Monday, according to FactSet. "Elevated risk appetite on the back of the second day of solid stock rallies, along with rebounding commodities and gold prices has been behind the Canadian dollar's gains," said analyst at Action economics. "The bank of Canada surely will not be happy with the latest Canadian dollar strength, and it would not be surprising for the bank to soon fire a verbal warning shot across the bow of loonie bulls."
