Canadian Dollar and Financial Outlook
Wednesday, August 25, 2021 10:11 AM

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Aug. 25, 2010 (Resource News International) --



By Resource News International

Winnipeg - August 25, 2021 - The Canadian dollar
weakened to a 7-week low Wednesday, after European debt fears
were added to the long list of world economic worries, which
was raising risk aversion, analysts said.

A one-notch downgrade to 'AA' of Ireland's long-term
rating by credit agency Standard & Poor's (NYSE:MHP) reignited concern
about Europe, following a wave of weak economic data to have
hit the market recently. It sent riskier assets lower and
underscored support to bond prices, market watchers said.

Investors will look to US data, including July new home
sales, for clues about the state of the economy. There is no
economic data due in Canada on Wednesday.

At 0845 CDT, the Canadian dollar was trading at C$1.0642
(93.96 US cents), compared to C$1.0603 (94.31 US cents) at
Tuesday's close.

The price of oil assisted in the Canadian currency's
decline. Oil futures were slightly lower early Wednesday, to
sit at US$71.45 a barrel.

At 0845 CDT, the Toronto Stock Exchange was down 37.8
points from Tuesday's close, to sit at 11519.6 points.

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