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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