Canada likes to associate itself with fellow members of the Group of Seven, the club of post-war economic powers that includes the United States and Germany.
Currency traders couldn’t care less about G7 membership these days. The other day Bloomberg News published a chart of the 20 biggest losers against the U.S. dollar this year. And right there in the middle, below Ghana’s cedi and above the Tanzanian shilling, was the Canadian dollar. The loonie has dropped about two per cent against its American counterpart since early January, mostly in the last couple of weeks.
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