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September 28, 2022

The Canadian dollar sank like a rock on September 26 and is treading water in a nervous foreign exchange market, according to Baystreet.ca.



USDCAD climbed from 1.3470 on Friday to 1.3809 Monday September 26 on a wave of negative risk sentiment that sent investors stampeding into U.S. dollars. Investors were panicked by Russia threatening to use nuclear weapons in Ukraine and after a slew of Fed policymakers repeated calls for sharply higher rates for a prolonged period.

 

The Canadian currency is growth sensitive, closely linked to the resource export-oriented economy, Adam Button, ForexLive told the Toronto Star.

 

“If the global economy weakens and underperforms, that’s reflected in our currency,” he said.

 

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Growers importing new equipment and technology have noted that the euro is now at a 20-year low. As of September 27, the euro is valued at $1.32 Canadian.

 

The euro is under pressure due to Russia’s squeeze on energy flows to Europe and ongoing maintenance issues with the Nord Stream pipeline.

 

Source:  Baystreet.com/Toronto Star

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Submitted by Karen Davidson on 28 September 2022