The value of the monetary unit of Canada slipped Thursday against the U.S. dollar as a consequence of underwhelming employment data issued by the U.S., according to The Canadian Press.
Prices of crude oil and metals also were losing value, which also tugged at the monetary unit of the nation with an economy based on the export of its natural resources. The U.S. this month created 133,000 jobs in the private sector this month, short of the 140,000 that economists had anticipated.
The Canadian dollar will continue to remain vulnerable as long as there's gravity in the euro and the manner assumed by investors remains risk- averse, managing director of foreign exchange Jack Spitz with National Bank of Canada in Toronto told Bloomberg.
Additional economic data impacting the performance of the Canadian dollar on Thursday was news stating the nation's current account deficit expanded.
As May ends with market closures on Thursday, the value of the loonie was barreling toward losses against the U.S. dollar of at least 4 percent, representing the biggest monthly losses in eight months.