Canadian Dollar Down as Oil Declines

The Canadian dollar had a second day of negative performance as unemployment in the nation is expected to grow further, damping demand for the loonie.
After several days breaking records versus its U.S. counterpart, the perfect scenario for a reversal in the Canadian dollar trend occurred today, as stocks and commodities fell, influencing negatively the loonie’s performance. Reports due tomorrow are likely to indicated improved employed conditions in the U.S., speculations which helped the greenback to pare some of its latest losses versus the loonie.
USD/CAD traded at 1.0770 as of 22:41 GMT from yesterday’s rate of 1.0700.

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