Canadian Dollar Weakens for Sixth Day Before Economic Reports
Canada’s dollar weakened against its U.S. counterpart for a sixth day in the longest losing streak since August 2011 before the release of economic data that may add to concern the world’s 11th-largest economy is slowing.
The loonie fell against 15 of its 16 most-traded peers before reports forecast to show Canada’s retail sales fell in December and the consumer price index slowed in January to the lowest in more than three years.
“The next major focal point will be CPI and retail sales,” John Curran, senior vice president at Canadianforex Ltd., an online foreign-exchange dealer, said yesterday by phone in Toronto. “While the CPI should not be a big driver unless we get a high posting, a poor retail sales number might give us a spike higher against the U.S. dollar.”
The loonie, as Canada’s currency is nicknamed for the image of the aquatic bird on the C$1 coin, depreciated 0.1 percent to C$1.0195 per U.S. dollar at 7:40 a.m. in Toronto. The currency last fell for six consecutive days from July 29 to Aug. 8, 2011. One Canadian dollar buys 98.09 U.S. cents.
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