The Canadian dollar weakened to a three-week low against its U.S. counterpart on Wednesday as oil and stock prices fell, while the greenback added to recent gains against a basket of major currencies.
The U.S. dollar .DXY notched a four-month high, boosted by a rise in benchmark U.S. Treasury yields above 3 percent.
Investors worry that increased borrowing costs could slow global growth, denting prospects for stocks and commodity-linked currencies such as the Canadian dollar.
The price of oil, one of Canada’s major exports, fell as rising U.S. fuel inventories and production weighed on an otherwise bullish market.
