Canada’s Dollar Slumps On Signs Of Slowing Economic Growth

The Canadian dollar slumped against the U.S. currency following gross domestic product (GDP) data that showed the economy slowed down in this year’s third quarter.

At one point, the loonie fell by the most in more than a month against the greenback.

The Canadian currency fell as much as 1.1% to $1.3646 per U.S. dollar, its biggest decrease since October 13 of this year and a third consecutive day of decline.

The loonie was weighed down by signs that the domestic economy is cooling. Third quarter GDP came in at an annualized 2.9%, which was a slowdown from year-over-year growth of 3.2% recorded in the second quarter of this year.

Also impacting the Canadian dollar has been crude oil prices, with West Texas Intermediate (WTI) crude oil, the U.S. standard, trading below $80 U.S. per barrel.

There are media reports that OPEC+ plans to uphold its current oil output policy rather than potentially trimming supply further.