Loonie hits a six-week low amid weaker commodities, soft data and a hawkish Fed

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The Canadian dollar has fallen against its U.S. counterpart on the heels of a surprisingly hawkish tone from the U.S. Federal Reserve regarding interest rates.

TORONTO — The Canadian dollar weakened to a fresh six-week low against its broadly firmer U.S. counterpart on Thursday as Federal Reserve interest rate hike eculation weighed on commodity markets, while domestic data was weaker than expected.

The U.S. dollar rose against a basket of major currencies, supported by a perceived increase in chances of a rise in U.S. interest rates by September after hawkish Fed minutes on Wednesday.

Oil prices fell, pressured by a stronger dollar and as a surprise increase in U.S. crude inventories suggested supply remains ample despite output problems. U.S. crude prices were down 1.76 per cent to US$47.34 a barrel.
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