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Canada Dollar Touches Three-Year Low

Jobs data is positive, but Bank of Canada worries about keeping inflation within its target range.

By Andrea Wong, Bloomberg | Updated on December 06, 2013

The Canadian dollar touched a three-year low on speculation that slowing growth and risks of cooling inflation outweigh an improvement in the labor market.

The currency headed for a third weekly loss against its U.S. peer, the longest slump since August, after official data showed employment in Canada rose by 21,600 last month and the jobless rate remained 6.9 percent, the lowest since 2008. The Canadian dollar weakened beyond C$1.07 for the first time in three years Dec. 4 after the central bank kept interest rates at 1 percent and warned the risks of inflation remaining below its target band had increased.

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