The Canadian dollar has fallen to $0.77 U.S., its lowest level in two years.
The decline comes amid broad U.S. dollar strength as a flight to safe-haven assets is driving
investors towards the American currency.
Rising bond yields are broadly supportive of the U.S. dollar, helping to weaken other currencies
such as the Canadian dollar.
The U.S. 10-year Treasury reached 3.20% yesterday (May 9), which is helping to lift the
American greenback.
Overall, the U.S. dollar has outperformed every G10 currency year-to-date, with the Canadian
dollar having registered a 2.9% decline against the American currency.
The Japanese Yen has been the worst performer among G10 currencies, losing 11.7% of its
value against the greenback.
