Saturday, 10 May 2014

Forex Outlook: Canadian Dollar Slips Down On Weak Job Data

Bank of Canada

The Canadian dollar slumped down the most in seven weeks. Investors expect that in order to support economic growth, the Bank of Canada might decrease the interest rates

The Loonie, as the Canadian dollar is named for the image of the aquatic bird on the C$1 coin, slipped down after almost hovering near the strongest level versus the greenback, the U.S.dollar. This was influenced by the fall in the employment rate by 28,900 in April, as reported by the Statistics Canada.
Canadian dollar

The Canadian dollar slid down by 0.6 % to C$1.0898 against the U.S. dollar at 5 p.m. in Toronto after moving down by 0.8 %, the major drop from the time of 19th March. The decline pared the currency’s second weekly gain to 0.7 percent. The Canadian dollar ascended on May 9 to the strongest level at $1.0814, since 8th Jan. .

Data from a survey taken from economists predicts that the Canadian dollar will slide down to C$1.13 for the year-end while it will bounce back to C$1.11 at the end of 2015.