CAD Slows Decline, Posts Record Weekly Drop vs. USD

The decline of the Canadian dollar slowed today, but the currency still fell most in almost three year over this week, posting the biggest weekly drop since the global recession. Futures for delivery of crude oil, the biggest export of Canada, in November slipped 0.8 percent to $79.85 per barrel in New York, following the previous drop by 3.7 percent. The Standard & Poor’s 500 Index rose 0.6 percent after earlier it gained 1.1 percent. The loonie, as Canada’s currency is often nicknamed, fell 3 percent this year. The currency lost 5.1 this week in the biggest weekly drop since October 2088. One-month implied volatility of USD/CAD reached 15.6 percent, following the jump to 16 percent yesterday, the biggest level since May 2010. USD/CAD closed at 1.0280, little changed from the opening price of 1.0282. EUR/CAD rose from 1.3845 to close at 1.3873. CAD/JPY advanced from 74.07 to 74.42, following the drop to 73.59.