TORONTO, July 23 - The Canadian dollar weakened for a fifth straight day against its U.S. counterpart on Tuesday as commodity prices fell and investors braced for a potential interest rate cut by the Bank of Canada.
"Canada is just kind of following the drift down in the commodity complex," said Michael Goshko, senior market analyst at Convera Canada ULC."It's all the commodity currencies that are getting beaten up." The Canadian central bank is widely expected to cut its benchmark interest rate by 25 basis points to 4.50% on Wednesday, its second cut in as many months, after recent data showed inflation easing and retail sales declining.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: