Canadian Dollar Falls as Economic Outlook Worsens

The Canadian dollar weakened today as the bad economic data from the US, Canada’s biggest trading partner, caused the pessimism about Canada’ economic growth.
The job reports from US and Canada should have great impact on the markets, and the traders aren’t very hopeful about these reports. Canada’s employers added 12,500 jobs in July, according to the analysts’ estimates, while in the US the non-farm payrolls expected to fall by 60,000 the last month. Today reports from the US showed that number of the pending home sales and the factory orders decreased, while the Americans earned and spent less money than anticipated.
Canada’s currency weakened against 12 of 16 most traded currencies. The level above 1.30 of the USD/CAD currency pair is the good opportunity to buy the loonie for the dollars. USD/CAD is unlikely to fall below 1.20 in the near future.
USD/CAD rose to 1.0239 from 1.0228 today as of 16:51 GMT after it advanced as high as 1.0273. EUR/CAD went up to 1.3543 from 1.3478.

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