The Canadian dollar weakened against most of its major peers as the economy unexpectedly contracted in September, suggesting the country’s rebound from a first-half recession may be short-lived with crude oil once again trading near $40 per barrel. The currency weakened as news of the economy’s first quarterly growth this year was overshadowed by a 0.5 percent contraction in the final month of the quarter. Though that slump was tied to fires and maintenance shutdowns at oil-producing facilities, it comes as surging North American crude stockpiles have renewed pressure on the price for Canada’s second-largest export. “It’s more of an indication of where is the economy is with sub-$50 oil, because that’s the world we’re in now, whereas earlier in the quarter we were above $50,” said Greg Anderson, global head of foreign-exchange strategy in New York at Bank of Montreal. “If it were to be indicative of the […]