| Forex News Center | | | Forex Afternoon Archive |
Friday, 30 Oct 2009
CAD GDP Disappoints; Drives Loonie Down
Following a better than expected third quarter U.S. GDP rating of 3.5% on Thursday, the Dollar continued its decline against the other major currencies throughout the day. Investors are abandoning the Dollar in favor of more risk prone currencies, like the AUD which recently surged 2% against the greenback.
The Canadian Dollar, down 1.3% for the week, continued to fall in trading on Friday as the price of both oil and gold stayed on their downward trends. Investors can expect the CAD to continue to drop going into next week after the recent announcement that the Canadian GDP fell slightly this month.
