Canadian dollar sees largest monthly drop in two years as economic growth stalls

The Canadian dollar fell to a 12-week low against the U.S. dollar, trading at 1.3909. It declined 2.8% in October, marking its largest monthly drop since September 2022. The Canadian economy showed no growth in August, with revised figures indicating a slowdown. Preliminary data suggests a slight rebound in September. Bond yields in Canada decreased, with the 10-year yield down to 3.230%. The currency's decline is linked to global risk aversion and market reactions to economic developments in the UK and the U.S.