Posted by: youngragingbull | January 24, 2013

Canadian dollar falls below par to U.S. greenback

A day after the Bank of Canada delivered a bleaker outlook for Canada’s economy, the loonie is trading below par with the U.S. dollar for the first time in two months.

The Canadian dollar was changing hands at 99.86 cents US, down a quarter of a cent.

After the Bank of Canada held rates steady on Wednesday and hinted it’s in no hurry to hike them, the loonie almost instantly plunged below par with the U.S. greenback before managing a small rebound through the rest of the day.

But on Thursday, Canada’s currency ran out of steam, heading below the $1 US level for the first time since mid-November last year.

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