Posted AT 5:30 PM EST on 07/11/07
Loonie slips from above $1.10
The Canadian dollar fell from record highs above the $1.10 (U.S.) mark to close Wednesday's session lower as the market grappled with the currency's rapid runup to levels analysts consider to be above its fair value.
“The market finally realized we had reached the limit of the overvaluation of the Canadian dollar,” David Powell, a currency analyst at IDEAglobal in New York, said in an interview. “It was questioning just how much longer this could really go on.
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| Market | Change | Value |
|---|---|---|
| Data delayed 15 minutes | ||
| S&P/TSX | +51.40 | 9,285.51 |
| DJIA | -81.80 | 8,952.89 |
| S&P 500 | -4.35 | 927.45 |
| Nasdaq | -4.18 | 1,628.03 |
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