Canadian dollar slides to 70.56 U.S. cents, nearing 70-cent level

The Canadian dollar fell to 70.56 U.S. cents on Friday, its lowest level in about a year. Markets sharply raised expectations for U.S. rate hikes after the Fed’s June FOMC meeting, including an 88% probability of a hike in September, helping lift the U.S. dollar index 1.3% over the week. The Bank of Canada has held its policy rate at 2.25% for five straight decisions, widening the policy gap with the United States. The move has been reflected in the DXY, giving the dollar index clear short-term upward momentum.