Canadian Currency Drops to Two-Week Low as Commodities Decline
Canada’s dollar slid to the lowest level in two weeks against its U.S. counterpart as commodities including crude oil, the nation’s biggest export, fell.
The currency weakened for a third day after dropping Feb. 8 as data showed employment unexpectedly fell, the world’s 11- largest economy posted its ninth straight monthly deficit and housing starts sank to the lowest since the end of the 2009 recession. Canada’s dollar declined today against a majority of its 16 most-traded peers.
“We’re looking at residual hangover from the economic news Friday,” David Tulk, chief Canada macro strategist at Toronto- Dominion Bank’s TD Securities unit, said in a telephone interview from Toronto.
The loonie, as Canada’s currency is known for the image of the aquatic bird on the C$1 coin, depreciated 0.6 percent to C$1.0080 per U.S. dollar at 8:39 a.m. It reached C$1.0084, the weakest level since Jan. 28. One Canadian dollar purchases 99.21 U.S. cents.
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