Canada's dollar, also known as the “Loonie”, decreased against the US Dollar in currency trading online on Thursday as an increase of risk aversion in the wake of debt worries in Dubai shook the domestic currency of all its substantial gains from the previous session. Dubai, as Canada, is a relevant oil producer.
Selling in the Canadian dollar followed a 1.2 percent rally in Wednesday when news that Russia's central bank said it wants to invest some of its reserves in the Loonie prompted a wave of buying.
Japan's Nikkei average hit a four-month low at the open on Friday , with shares down broadly, after the dollar hit a fresh 14-year low against the yen and debt problems in Dubai hit financial markets and European shares.
Banking shares such as Mitsubishi UFJ Financial Group slid amid concerns about Dubai's debt situation.