The Canadian dollar edged to a multi-year low against its U.S. counterpart on Tuesday as investors awaited a Federal Reserve interest rate decision and sought protection against additional losses for the currency.

Loonie falls to 69.25 U.S. cents after touching its weakest intraday level since the onset of the pandemic in 2020

The Canadian dollar weakened to nearly a five-year low against its U.S. counterpart on Tuesday, hurt by domestic political unrest as well as a wider gap between Canadian and U.S. bond yields after data showed a surprise easing of Canadian inflation.

It is the fist time the dollar has dropped this low since March of 2020. Use precise geolocation data and actively scan device characteristics for identification. This is done to store and access information on a device and to provide personalised ads and content,