BLBG: Canadian Dollar Falls on Outlook for Global Economy, Crude Oil
By Chris Fournier
Oct. 24 (Bloomberg) -- Canada's currency fell on speculation the global economic slump will deepen and crude oil prices will decline further.
``There are some pretty big drivers out there right now including rampant pessimism and flight-to-safety flows,'' said Eric Lascelles, chief economics strategist at TD Securities Inc. in Toronto.
Canada's dollar declined 2 percent to C$1.2732 per U.S. dollar at 7:18 a.m. in Toronto, from C$1.2472 yesterday. One Canadian dollar buys 78.54 U.S. cents. The currency is down 7.1 percent this week, its fourth straight decline.
Consumer prices rose 3.4 percent from September 2007 after a 3.5 percent annual increase through August, Statistics Canada reported today in Ottawa. The median forecast of 20 analysts surveyed by Bloomberg News was for annual inflation of 3.3 percent.
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
