Canada's dollar fell versus the U.S. currency on Monday in Forex Trading Platforms; oil prices and data showed an unexpected contraction in the second-quarter, which means bad news for the domestic economy.

The Loonie declined to its lowest level since Aug. 19 in economic data that showed Canada's economy shrank overall in the second quarter to mark its sharpest nine-month downturn in half a century.

The yen rose broadly on Monday, touching a seven-week high against the dollar. As we discussed in this blog some days ago:  the decisive opposition victory in Japanese elections after a total victory win on Sunday by the Democratic Party of Japan “DPJ”, effectively created positive expectations among economists about new policies that will support consumer spending in an economy trapped in deflation, haunted by a weak growth outlook and concerns about a global economic recovery.