The loonie, as Canada’s dollar is known, dropped 1.2 percent in the past five sessions after the financial recovery plan presented by U.S. Treasury Secretary Timothy Geithner failed to ease concern the global crisis will worsen. Crude oil, source of a tenth of Canada’s export revenue, fell below $35 a barrel.
“Commodities in general are coming under pressure from weakening risk sentiment,” said Manik Narain, currency strategist at Standard Chartered Bank in London. “The failure of the U.S. Treasury plan this week to stabilize market expectations has had a negative impact on commodities. That was likely a factor in the performance this week in the Canadian dollar.”
The Canadian dollar dropped to C$1.2345 per U.S. dollar at 4:28 p.m. in Toronto, from C$1.2193 on Feb. 6. The currency fell 4.7 percent in the week ended Jan. 16 and gained in the three weeks since then. One Canadian dollar buys 81 U.S. cents.
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