Canadian Dollar Slumps on Oil Drop, Economic Woes
• Canadian dollar posts biggest decline in 3 months against US dollar, down 0.7% to 1.3325, weighed by lower oil prices and weak economic data • Manufacturing sector contracted sharply in December, with PMI dropping to 45.4, lowest level since May 2020 • US dollar rallied against major currencies as US bond yields jumped • Drop in oil prices, with US crude futures settling 1.8% lower at $70.38 a barrel • Canadian government bond yields rose across the curve, tracking moves in US Treasuries