Loonie drops to lowest level since 2009

Written By Unknown on Rabu, 08 Januari 2014 | 22.39

Loonie 20131231

The loonie was trading at just over 92 cents on Wednesday. (The Canadian Press)

The Canadian dollar was lower Wednesday, hitting fresh multi-year lows as the greenback strengthened in the wake of strong U.S. jobs data.

The currency fell another 0.32 of a cent to 92.51 cents US after falling over a cent Tuesday to its lowest close since late 2009.

The U.S. dollar rose against other currencies as jobs data from payroll firm ADP showing private sector firms added 238,000 jobs raised expectations that the U.S. Federal Reserve could move more quickly than thought to wind up its key stimulus program, the US$85 billion of monthly bond purchases. The Fed decided at its December meeting to cut those purchases by $10 billion starting this month with further tapering dependent on economic data.

"We expect ongoing [Canadian dollar] weakness over the next six months," Scotiabank's currency strategist Camilla Sutton said in a note.

Traders also looked ahead to the release of the minutes from that Fed meeting for clues as to further tapering. Analysts say indications that the Fed may accelerate the pace of the tapering could further strengthen the greenback.

The Canadian dollar's weakness Tuesday was partly ascribed to speculation about Fed tapering. But the loonie was also weakened by data showing an increase in the trade deficit for November. At the same time, other data showed the U.S. trade dropped 12.9 per cent to US$34.3 billion in November to its lowest level in four years as exports rose 0.9 per cent, aided by a 5.6 per cent rise in petroleum exports. Imports, including Canadian crude oil, dropped 1.4 per cent.

On the commodity markets, the February crude contract on the New York Mercantile Exchange was 12 cents higher to US$93.79 a barrel.


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