The Canadian dollar fell to a seven-month low, dropping three-tenths of a cent to below 99 cents US for the first time since July last year.
Many analysts are worried about the impact of the mandatory spending cuts in the U.S due to take effect at the end of February. The so-called "sequestration" cuts would chop spending by over $1 trillion.
But analysts and currency traders aren't just concerned about external forces.
The drop in the loonie comes on the heels of new Statistics Canada reports showing more signs of a slowdown in the Canadian economy to end 2012 and begin 2013.
The agency showed wholesale sales declined by 0.9 per cent in December, a drop that is higher than expected. Another report showed foreign investors dropped their holdings of Canadian securities by $1.9 billion in the same month, suggesting lower demand for the Canadian dollar.
It's the latest in a slew of poor economic data to emerge in the past two weeks, encompassing virtually every aspect of the Canadian economy.
Last week, the agency reported manufacturing sales fell by over three per cent in December, the sharpest monthly drop since the height of the recession in 2009. Additionally, the Canadian real estate association said home sales were down by five per cent in January.
Housing starts had dropped sharply a week earlier, the same day Statistics Canada said the economy shed 22,000 jobs in January, the first monthly decline since midway through 2012.
The continuing weakness in the Canadian economy is increasing focus on this week's release of inflation numbers for January.
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