Loonie inches lower as greenback strengthens

The Canadian dollar fell against its US counterpart on Thursdayو as the dollar rebounded against most of its major counterparts, along with the market concerns about the negotiations with China, as well as concerns about the slow growth of the Canadian economy.

The Canadian central bank raised its interest rate five times between July, 2017 and October, 2018. Since then, the interest rate has not been raised based on expectations of stabilization until the second half of this year.

On the other hand, as of 14:57 GMT, the dollar index rose against a number of major currencies by 0.3% to 96.7 points, recording a high of 96.8 points and a low of 96.4 points.

With a report published by Bloomberg, revealing that the upcoming summit between The United States President, Donald Trump and Chinese President, Xi Jinping, has been postponed, referring to the depth of trade disputes between the two countries.

As of 15:09 GMT, CAD/USD fell by 0.1% to $0.7506, recording a high of $0.7531 and a low of $0.7487.