Friday, May 13, 2011

Canadian Dollar Falls with Crude & Stocks

Canadian Dollar Falls with Crude & Stocks - The Canadian dollar fell today, sliding for the third day versus the US dollar and the Japanese yen, as crude oil fell together with North American equities.
June contract for crude oil delivery subtracted 0.3 percent to $97.95 per barrel in New York, following the previous advance by 1.8 percent. 

Prices have increased 1.5 percent this week, but this increase looks meager compared to the decline by 15 percent last week, the biggest drop since December 2008. Raw materials makes up about half of Canada’s export revenue, most of which comes from crude oil.

The Standard & Poor’s 500 Index fell 0.8 percent, erasing its weekly gain. The S&P/TSX Composite Index slipped 0.3 percent today and dropped 1.6 percent this week. 

Greece still plagues markets even as the nation attempts to renegotiate the terms of its credit, curbing demand for commodities and related assets, including the Canadian currency.USD/CAD rose from 0.9625 to 0.9742 today before trading at 0.9679 as of 19:16 GMT. CAD/JPY traded near 83.44 after falling from 84.03 to 82.77.


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