In North American session on Wednesday, the Canadian dollar showed weakness against most major opponents. The Canadian dollar fell to a 2-month low against the U.S. dollar and a 1-week low against the yen and eased from an 8-day high against the Australian dollar. Meanwhile, the Canadian dollar extended its previous session’s gains against the euro
The Canadian dollar fell to a 2-month low of 1.0328 against its U.S. rival at 9:00 am ET. As of now, the loonie is trading at 1.0332 against the greenback, compared to yesterday’s close of 1.0245.
Private sector employment saw a modest increase in the month of April, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) today, with upward revisions also resulting in job growth in each of the two previous months
Against the Australian currency, the Canadian dollar that rose to an 8-day high of 0.9301 at 8:45 am ET weakened thereafter. As of now, the loonie is worth 0.9312 against the aussie, compared to yesterday’s close of 0.9308.
The Canadian dollar has been extending its previous session’s gaining streak against the euro during Wednesday’s early North American session. The Canadian dollar is now trading at a new multi-year high of 1.3235 against the euro. At yesterday’s close, the loonie was quoted at 1.3299 against the euro.
Eurozone retail sales remained flat in March on a monthly basis after declining for two straight months, data from Eurostat showed today. The decline for February was revised to 0.2% from 0.6%. Economists were looking for a 0.1% rise for March.
Year-on-year, the volume of retail trade slipped 0.1%, slightly smaller than February’s 0.2% decline. Consensus forecast was for 0.5% fall. The statistical office revised down February’s figure from 1.1% drop.
Moving down from a high of 92.51 hit at 8:10 am ET, the loonie reached a 1-week low of 91.79 against the yen at 9:00 am ET. As of now, the loonie-yen pair is worth 91.88, down from yesterday’s close of 92.41.On the downside, the loonie may target around the 91.2 level.
From the U.S., the ISM non-manufacturing composite index for April is due at 10:00 am ET.