Canada Dollar Drops on Bets Jobs Data Won’t Stop Tapering by Fed
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The Canadian dollar fell versus 15 of its 16 most-trade peers amid speculation that a weaker-than-forecast report on U.S. employment won’t keep the Federal Reserve from slowing monetary stimulus as soon as next month.
The currency trimmed a loss against its U.S. counterpart after data showed American employers added fewer jobs than anticipated in July even as the jobless rate fell. Earlier the loonie, as the Canadian dollar is nicknamed for the image of the aquatic bird on the C$1 coin, touched a two-week low versus the greenback. Benchmark government-bond yields fell from a two-year high. The U.S. is Canada’s biggest trade partner.