The Canadian dollar hit its lowest level in a year as oil prices fell
TORONTO (Reuters) The Canadian dollar fell on Friday to a one-year low against its US counterpart as oil prices fell about 3 percent and local data showed a surprise drop in manufacturing sales.
The price of US oil fell more than two dollars before the OPEC meeting next week. Oil is one of Canada’s most important exports.
Statistics from Statistics Canada showed manufacturing sales in Canada fell 1.3 percent in April from a month earlier as refinery output fell amid scheduled maintenance.
The Canadian dollar fell 0.6 percent to 1.3185 against the greenback.Or 75.84 US cents. Earlier in the session, the Canadian currency touched the weakest level since June 27, 2017 against the US currency at 1.3202 Canadian dollars.
The Canadian dollar ended the week with a loss of 1.9 percent.