Canada's dollar dropped to an almost one-year low versus its U.S. peer after Federal Reserve Chairman Ben S. Bernanke said monthly bond purchases may be reduced if the economy shows sustained growth.
In trading on Wednesday, shares of the Canadian Dollar Trust ETF (AMEX: FXC) entered into oversold territory, changing hands as low as $95.71 per share.
TORONTO--The Canadian dollar is lower Wednesday morning as weaker-than-expected retail sales data for March exacerbate the selling pressure on the struggling currency.
The Canadian dollar erased a decline against its U.S. peer after Federal Reserve Chairman Ben S. Bernanke said premature tightening of central-bank policy would endanger the U.S.
The Canadian dollar posted its biggest loss in a year against its U.S. peer as the nation's annual inflation rate fell in April to its slowest in more than three years, bolstering the case for relaxing monetary policy.
The Canadian dollar advanced versus 15 of its 16 most-traded peers after April retail sales unexpectedly rose in the U.S., Canada's biggest trading partner.
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