The Canadian dollar weakened against the greenback on Monday, and the yield on benchmark government debt climbed. The loonie was trading 0.4% lower at C$1.443 to the greenback, or 69.3 U.S. cents, after trading in a range of 1.

The Canadian dollar has now declined 15 per cent since 2021. It has been lower on only two other occasions over the past 20 years – in 2016 and 2020. With the benefit of hindsight, both low points offered investors the opportunity of locking in gains on their U.S.-dollar assets.

The Canadian dollar rallied against its high-flying U.S. counterpart on Thursday as investors took stock of technical conditions for the currency pair and ahead of domestic data that could show retail sales increasing in October.