Canadian Dollar Drops To 4-day Low Versus Yen [CAD/JPY]
4/22/2008 9:41:43 AM The Canadian dollar fell to a 4-day low of 102.02 versus its Japanese counterpart during early New York trading Tuesday, compared to yesterday`s close of 102.78. This came amid the Bank of Canada lowered its key overnight lending rate by 50 basis points to 3% on Tuesday morning.

The Canadian Central Bank also signaled more interest rate cuts in the medium-term because of a weaker global economy, a sharp slowdown in the U.S. economy and the ongoing dislocations in global financial markets.

The Canadian dollar showed strength versus the yen in the morning. However, the loonie lost ground by about 9:00 am ET, dropping to a 4-day low of 101.89 around 9:25 am. As of now, the loonie-yen pair is trading at 102.05.

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