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The Canadian dollar tumbled versus the US dollar Tuesday to its lowest level in almost a week as investors anticipate the monetary policy statement from the Bank of Canada on Wednesday.
The greenback’s broad strength affected the loonie as it erased some of its rally last week and took it through the C$1.09 level. Last week, the currency climbed 0.6%, uplifted by fund flow bet and month-end positioning.
"Given the swings we had last week, we're just hoping for a little bit of calm in the markets today to regroup and regather," said Shaun Osborne, Chief Currency Strategist at TD Securities.
Against the US dollar, the Canadian dollar traded at C$1.0930, higher than Friday’s C$1.0873.
Several markets were closed Monday for the Labor Day holiday.
The Statistics Canada will release its jobs report for August although the report would need to be restated by the agency due to an error in its July report.
