(Photo: Dreammediapeel | Dreamstime.com)

By Canadian Press

Canadian dollar falls to a 20-month low after supersized interest rate hike

Jul 14, 2022 | 10:50 AM

TORONTO, ON – The loonie hit a 20-month low, one day after the Bank of Canada announced its largest interest rate hike since 1998.

The Canadian dollar traded at a low of 75.62 cents US in early trading, a nearly one-and-a-half cent drop from 77.07 cents US on Wednesday, July 13, 2022.

That’s the lowest level since November 4, 2020.

The currency partially recovered to 76.06 cents US in late-morning trading.

The U.S. dollar, which has been flying high amid the threat of a recession, gained further ground against most major currencies, primarily due to short-term yields rising following a report Wednesday that the annual inflation rate in the U.S. hit 9.1 per cent in June, the highest in more than 40 years.

What's Happening in Lethbridge this week: November 12-17, 2024

Nov 12, 2024

What's Happening in Lethbridge this week: November 4-10, 2024

Nov 04, 2024

What's Happening in Lethbridge this week: October 28-November 3, 2024

Oct 28, 2024

Scotiabank chief currency strategist Shaun Osborne says “risk aversion” was dragging the Canadian dollar lower after the Bank of Canada’s bold move.

(The Canadian Press)