Weak Data sees Canada Dollar Fall to 1-Month Low

Canada’s dollar fell to its lowest level in almost a month against its U.S. counterpart as a slump in Chinese non-manufacturing industrial growth offset a private report showing U.S. employers hired more workers than forecast.

The currency weakened for a second day before data Oct. 5 that economists project will show Canadian employers added fewer workers last month. Crude oil, the nation’s largest export, fell below $90 a barrel and euro-area services and manufacturing output contracted in September, damping demand for riskier assets.

“The story for the Canadian dollar has been one of weakness that has stretched to all commodity currencies as China has slowed and oil and other commodities drop,” said Greg Moore, currency strategist at Toronto-Dominion Bank, said in a phone interview. “The theme into the end of the year should continue to be one of slower global growth and that should keep pressure on risk currencies.”

via Bloomberg

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