The Canadian dollar fell today to the lowest level since July 7th against the U.S. currency and to the lowest level in more than a month versus the euro after the report showed that Canada’s economic growth halted in April and the U.S. employers added fewer jobs than was expected.
Canada’ gross domestic product was unchanged in April after seven consecutive monthly increases, while the analysts predicted 0.2 percent growth. The U.S. nonfarm private employment increased 13,000 from May to June 2010, compared to median forecast of 59,000. The economic environment pushes the investors to the safe currency. The loonie could be that currency if Canada’s economy would steadily expanded, but currently this isn’t the case.
USD/CAD traded near 1.0659 today as of 10:10 GMT after opening at 1.0634. EUR/CAD traded at 1.3112 up from the opening rate of 1.3010.
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