Canada's Dollar Drops for a Fourth Day Amid Global Slowdown

By Chris Fournier

Oct. 7 (Bloomberg) -- Canada's currency dropped for a fourth day, the longest losing streak in more than a month, as the prospects for global economic growth dwindled.

The Canadian dollar has weakened 6.1 percent since Sept. 26. Canada relies on commodities for about half its export revenue. The U.S. is the country's largest trading partner.

``We're entering something of a global slowdown,'' said Firas Askari, head currency trader at BMO Nesbitt Burns in Toronto. ``Canada being one of the biggest suppliers of what the world needs to run its engines, it's not surprising that we're getting hit.''

The Canadian dollar fell as much as 0.5 percent to C$1.1047 per U.S. dollar. It last traded at C$1.1021 at 8:28 a.m. in Toronto. One Canadian dollar buys 90.73 U.S. cents.

Canada's currency will slip to C$1.13 against the U.S. dollar by the end of 2009, according to the median forecast in a Bloomberg News survey of economists.

To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net