The Loonie was hit from many fronts yesterday, recording a decline of 50 pips on a daily basis. Opening this morning at 0.7742 against its US counterpart, the Canadian Dollar felt the effects of a strengthening Greenback, softening oil prices and poorer IVY PMI print.
The CAD was also unsupported in the commodity markets with a sharp fall witnessed in crude oil prices. West Texas Intermediate had rallied to the highest level in nearly four years Wednesday, touching $76.9 per barrel to reverse course and fall $2 on the day ultimately.
Moving into Friday trade, Canada looks to employment, unemployment rate readings and Trade Balance figures.