By Commodity News Service Canada
Winnipeg, July 2 – The Canadian dollar plummeted against the US dollar Thursday, falling well below the 80 cents US mark.
At 11:46 CDT Thursday, the Canadian dollar was trading at US$0.7969 or US$1=C$1.2549, which compares with Tuesday’s North American close of US$0.8006 or US$1=C$1.2490. Canadian markets were closed for Canada Day on Wednesday.
The weakness was linked to traders shedding risky assets, including the Canadian dollar, amid ongoing worries about economic turmoil in Greece, analysts said.
Concerns about slow economic growth in Canada were also bearish, as it could lead to another interest rate cut from the Bank of Canada.
A softer tone in gold values was also behind the decline, though a stronger crude oil market was limiting the downside.
The Canadian currency also found some support from disappointing US employment data, brokers noted. The US government said 223,000 new jobs were created in May, below expectations of 233,000 new jobs.
The Toronto Stock Exchange was up 48.47 points, or 0.33%, at 11:46 CDT Thursday, to sit at 14,601.80.
