Economics
Canada Dollar Falls as Jobs Gain Fails to Alter Economic Outlook
- Loonie extends this quarter’s drop, worst run among G-10 peers
- Chances for Canada rate cut this year fall to 13%, swaps show
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The Canadian dollar fell to a one-week low versus its U.S. counterpart as an above-forecast gain in August jobs wasn’t seen as strong enough to reverse the Bank of Canada’s concern that risks to economic growth have increased.
The currency extended its loss this quarter, the worst performance among Group-of-10 peers, even after a report showed the nation added jobs in August following a surprise decline in July. Crude oil, the nation’s second largest export, fell 2.5 percent, snapping a four-day rally.