Canadian dollar extends monthly decline as coronavirus fears weigh

This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar weakened to a seven-week low against the greenback on Friday, adding to its monthly decline as the coronavirus weighed on sentiment, but some of the loonie’s decline was pared after data showed growth in Canada’s economy.

For January, the loonie was down 1.7 per cent, its biggest monthly decline since December 2018. It follows a 5 per cent gain in 2019, when the loonie was the top-performing G10 currency.Canadian gross domestic product edged up by 0.1 per cent in November as increases in utilities as a result of a cold weather snap helped to offset the effects of a rail strike, Statistics Canada said on Friday. Analysts had forecast no change.

Last week, the Bank of Canada left the door open to an interest rate cut should a recent slowdown in domestic growth persist. Money markets see about a 50 per cent chance that the central bank will ease by April. Oil, one of Canada’s major exports, has fallen more-than 20 per cent from this month’s peak to about $52 a barrel.

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