Canadian dollar drops to two-week lows against greenback

Posted On: February 11, 2013

The value of the monetary unit of Canada dropped to its two-week lows on the foreign exchange market against its southerly rival on Monday, tracking the downward trend of its top export, according to Bloomberg.

Also drawing down the Canadian dollar on Monday was a surprise drop in employment in the globe's 11th-largest economy. Losses to crude oil, the top commodity of the natural-resources-rich nation, pulled down the loonie against most of its top rivals during the Monday trading session.

"We're looking at residual hangover from the economic news Friday," chief Canada macro strategist David Tulk with Toronto-Dominion Bank's TD Securities unit in Toronto told the news source on Monday.

The Canadian dollar slid to its lowest value against the U.S. dollar since the end of last month.

The Canadian Press reports additional tradables on the commodity complex showed poor performances on Monday, which also dragged down the value of the Canadian dollar. But the national economy losing nearly 22,000 jobs in January was quite a contrast to the gains of 5,000 jobs that economists had anticipated.
 

Category: Industry News

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