The Canadian dollar fell to the lowest level in more than a decade against the US dollar during the Wednesday’s trading session. The currency was also lower against other major peers, hurt by both domestic and overseas news.
The loonie dropped together with other commodity-related currencies due to the poor economic data from China. The Asian nation is a significant consumer of raw materials, making its economic performance vital to currencies linked to growth.
As for domestic macroeconomic data, it was not favorable to the Canadian currency as well. Statistics Canada reported that the Raw Materials Price Index sank 4 percent and the Industrial Product Price Index slipped 0.2 percent in December.
Now, traders wait for the speech of Stephen Poloz, Bank of Canada Governor, on Thursday and for the Canadian employment data on Friday.
USD/CAD gained from 1.3991 to 1.4027 as of 4:13 GMT today, trading near the highest level since mid-2003. EUR/CAD was up from 1.5036 to 1.5073. CAD/JPY declined from 85.04 to 84.56, touching the lowest level since 2012.
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