Canadian dollar hits a two-year low as risk aversion weighs on global markets

Loonie at 72.57 U.S. cents

was little changed against its U.S. counterpart on Tuesday but holding near its weakest level in more than two years as investor sentiment remained fragile ahead of a key U.S. inflation reading this week.

“At the moment, the Canadian dollar is really at the mercy of sentiment,” said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. Worries that aggressive tightening by central banks could tip some major economies into recession has hammered Wall Street this year.

U.S. crude prices settled nearly 2% lower at $89.35 a barrel, extending the previous session’s decline, on concern over global demand.There is scope to slow the economy without putting a lot of people out of work based on an “exceptionally high number” of job vacancies in the labor market, BoC Governor Tiff Macklem said on Sunday.

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