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Canadian dollar slips as recession fears weigh on commodities

The Canadian dollar weakened against its U.S. counterpart on Thursday as investors weighed the risk of a global economic slowdown and preliminary domestic data showed factory sales falling in May. The loonie was trading 0.3% lower at 1.2985 to the greenback, or 77.01 U.S. cents, after touching its weakest since Monday at 1.3017. “With recession fears spooking markets more generally, commodity prices were under pressure today, which saw the Canadian dollar also on its back foot,” said Royce Mendes, director & head of macro strategy at Desjardins.

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