Canadian dollar hits one-week low as anti-lockdown protests in China rattle investors
weakened to a one-week low against its U.S. counterpart on Monday, as anti-lockdown protests in China rattled investor nerves and data showed Canada’s current account balance swinging to a deficit.
Wall Street stocks tumbled and the safe-haven U.S. dollar rose against a basket of major currencies as protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth. U.S. crude futures turned positive after falling to close to their lowest levels in a year, as rumours of an OPEC+ production cut offset concerns about China. U.S. crude prices settled 1.3% higher at $77.24 a barrel.
“We expect deficits to persist into 2023 as trade and income flows return to more normal patterns,” Shelly Kaushik, an economist at BMO Capital Markets, said in a note.
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