Canadian Dollar Direction Contingent on Global Growth Outlook

For the second straight week, the Canadian Dollar was one of the worst performing currencies, dropping 2.11 percent against the U.S. Dollar as markets finished their correction that took place at the start of the week. This was expected, as I noted last week that “there could be a small correction in the coming days – typically after such a massive sell-off as we saw the past two days – any rallies should be sold as broader global trends dictate the need for safety, in currencies such as the Japanese Yen or U.S. Dollar.