The Canadian dollar's gained while crude oil futures lost, an unusual occurrence given the energy commodity is the lead export of the nation whose economy is based on trade and commerce of its natural resources.

"It's walking on a razor's edge right now. It's 24 hours of fright, after three months of exuberance," currency analyst Adam Button with ForexLive in Montreal told Reuters on Thursday. "It could prove to be a turning point, or a blip. At this point, I lean more towards a turning point, and continued Canadian dollar weakness."

Applicants for unemployment benefits in Canada fell by more than 5,200, noting a slip of at least 8 percent since the same period in 2012, data released by the nation's government states.

Since earlier this month, the Canadian dollar has lost nearly four-cents-worth against the world's reserve currency, according to Reuters.

The Purchasing Managers Index in China fell to 49.6 this month, representing the lowest level since October of last year. Also impacting the performance of the energy commodity on Thursday was the Wednesday testimony of U.S. Federal Reserve Chairman Ben Bernanke who told congress that the institution he leads is considering a reduction of the economy-spurring monetary stimulus program.

"The China statistics paint a slightly weaker picture of the demand side," chief commodity analyst Bjarne Schieldrop with SEB AB in Oslo told the news source on Thursday. "We are in the seasonally softest part of the year for demand."

At 10:27 a.m. on Thursday, Brent crude oil futures fell 1.19 percent, a $1.22 loss to $101.38 per barrel. At 10:26 a.m., West Texas Intermediate crude oil futures slipped 1.21 percent, a $1.14 loss to $93.14 per barrel.

Dow Jones Newswires reports the factory production slippage in the Asian nation dropped to its lowest level in seven months.

The currency of the largest economy on the African continent was drawn down by testimony of the chairman of the U.S. central bank who told congress on Wednesday that the economy-spurring monetary easing measures ultimately will close. The rand has distinguished itself as the worst-performing of emerging market monetary units that the news services tracks and it is trading at its lowest rate since the end of the first quarter of 2009.

U.S. Federal Reserve chairman Ben Bernanke told congress on Wednesday that monetary stimulus will continue in the near-term to benefit the recovery of the globe's largest economy.

The South African Reserve Bank is forecast to keep its repo rate at 5 percent after it adjourns its Thursday policy meeting, according to Business Day.

"This should put to rest market hopes of further near-term rate cuts from the SARB," economist Peter Worthington with Absa Capital told Business Day on Thursday.

Akira Amari, economy minister of the Pacific Rim nation, said the strong performance of the yen is likely to continue as equities continue racking up losses. The yen recovered from sharp losses on Wednesday against the world's reserve currency as it marked gains of at least 1.5 percent.

"What's happened in currency markets is all linked to stocks … Dollar/yen had got to a new high and investors were quick to take profit on long dollar/yen positions," currency strategist Niels Christensen with Nordea in Copenhagen told Reuters on Thursday. "The correction has the potential to go further … But there is no risk of a dramatic fall and any move below 100 should be brief."

The yen pushed to its top value in two weeks against the greenback and the common currency of the European Union.

Equities' continued losses are likely to benefit the yen, Reuters reports analysts said.

Exports from Brazil, the globe's top shipper, are forecast to increase 5.9 percent while farmers contend with the unsold supplies they have from the record crop, according to an advocacy for Brazilian exporters of coffee in Sao Paulo. Arabica coffee futures have lost roughly 25 percent of their value during the past year.

"This is a situation of abundance," president Christian Wolthers with importer Wolthers America in Fort Lauderdale, Florida, told the news source on Wednesday. "There are no frost threats coming over the coffee belt in Brazil, and the recent dry weather may actually result in more cherries per tree."

At 12:31 p.m. on Wednesday, coffee futures fell 1.77 percent, a 0.0235-cent loss to $1.3035 per pound.

The Wall Street Journal reports CeCafe, the Council of Brazilian Coffee Exporters, also said on Tuesday that it is demanding better treatment for its coffee beans on the ICE Futures exchange in the U.S.

Supplies of the energy commodity dropped by 338,000 barrels to check in at 394.6 million barrels, according to the Energy Information Administration, a unit of the U.S. Department of Energy.

"A premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further," the Fed chief told Congress on Wednesday in prepared remarks, according to Bloomberg.

At 11:09 a.m. on Wednesday, WTI crude oil futures dropped 1.42 percent, a $1.37 slip to $94.81 per barrel. Brent crude oil futures dove 0.78 percent, an 81-cent dip to $103.10 per barrel.

Bernanke told Congress on Wednesday morning that the labor market of the U.S. has developed but he also said that continued aid via quantitative easing is necessary, The New York Times reports.

The loonie also was on edge early Wednesday, prior to the testimony of governor Ben Bernanke with the U.S. Federal Reserve, who is scheduled to appear before congress to discuss the outlook for the U.S. economy. Speculation has been mounting that the Fed chief will signal the monetary easing policies of the top trade partner to Canada soon will taper.

"There is concern about the household sector, not least of which is concerns about the housing market and how rapidly that's likely to slow," Group of 10 currency strategy head Adam Cole with Royal Bank of Canada in London told the news source on Wednesday. "If that starts to fall away, then it's a reason to make the currency vulnerable."

Early during the Wednesday trade session the Canadian dollar plunged to its lowest rate since March 7 against its southerly rival.

The tepid economic data about retail sales in Canada does not help cast a strong outlook for the nation hosting the world's 11th-biggest economy, according to Reuters.

Also harming the performance of the pound on foreign exchange markets on Wednesday were minutes from the early May Bank of England policy meeting, which revealed soon-to-retire governor Mervyn King did not succeed when pushing for a continuation of economic stimulus.

"I have a more optimistic view on the U.K. outlook than the market consensus but I can understand why the data today would boost speculation for further quantitative easing, which is negative for sterling,"  European hedge fund sales head Neil Jones with Mizuho Corporate Bank Ltd. in London told the news source on Wednesday.

From March to April, retail sales dropped 1.3 percent, data released by the National Statistics Office states. The metric fell 0.6 percent from February to March.

The May 8 and 9 policy meetings over which King presided mark the second-to-last time he will serve as the body's head before he retires in the end of June, according to The Telegraph.

The currency of the Pacific Rim nation dove to its three-year trough following adjournment of two days of central bank meetings. However, the statement released by the institution made no reference to boosting bond yields.

The currency lost value against 13 of its 16 major counterparts, burdened also by economic data noting Japan's trade deficit grew more than forecast in April. Thus far this year, the yen has lost 13 percent of its value, establishing itself as the worst performing monetary unit of 10 developed nations that the news service monitors.

Governor Haruhiko Kuroda with the central bank said he will try to cut down on the amount of volatility in the Japanese government bond market, according to Reuters.

"I don't think the recent rise in yields is having a big impact on the economy," the central banker said during a media conference after BOJ adjournment, Reuters reports. "We will continue to monitor market moves and respond with flexibility in the pace and maturities of bond purchases and in market operations."

Having lost value during seven of the past eight trading sessions, bullion was following suit one day before Ben Bernanke appears on Capitol Hill. Amid speculation that he will signal the economy-spurring measures of quantitative easing soon will be tapered, the U.S. dollar grew stronger.

The yellowish metal and the world's reserve currency typically perform the inverse of one-another.

"Gold and silver fell in this big black hole yesterday … and although we saw some buying interest overnight, fundamentals haven't changed," senior manager Ole Hansen with Saxo Bank told Reuters on Tuesday. "The dollar is strong, the U.S. stock markets are holding up and bond yields are climbing, so the market is trading in defensive mode ahead of the Federal Reserve's testimony."

At 11:51 a.m. on Tuesday, gold futures fell 1.53 percent, a $20.98 dive to $1,372.56 per troy ounce.

Additional Fed prompts
The minutes from the policy-making arm of the U.S. Federal Reserve's meeting last month also are slated to be released on Wednesday. The discussion by the Federal Open Market Committee will be publicized on the same day that Bernanke appears before congress.

Earlier this week, President Charles Evans with the Chicago Federal Reserve said the central bank is slated to continue asset purchases through this coming summer but might wrap up during the fall.

But that's if the central bank is pleased with the state of the labor market in the globe's largest economy, Evans said on Monday.

Dive follows gains
One trading session after surging 1.4 percent, and closing its longest bearish trend in about 48 months, the yellowish metal was plunging, according to Bloomberg.

The minutes of the Federal Open Market Committee are forecast to be quite enlightening to analysts, investors and additional observers who follow market trends.

"Tomorrow's minutes are very important as there is some concern that the Fed may want to cut back on the stimulus," president Michael Smith with T&K Futures & Options in Port St. Lucie, Florida, told the news source on Tuesday. "Also, the dollar's strength is working against gold."

Unlucky 13
With 12 consecutive years of gains under its belt, gold was down 17 percent through Monday, according to Bloomberg.

The yellowish metal last month plunged into a bear market, affirming the speculation of investors who noted the precious metal may be overvalued. 

Evans, of the Federal Reserve in Chicago, said on Monday that the U.S. economy is driving at a strong rate of recovery, Bloomberg reports.

MarketWatch reports the precious metal is hinging on the Bernanke testimony before the Joint Economic Committee.

He is forecast to discuss the economic outlook for the nation.

"Gold is focused on movement of U.S. dollar, fundamentally, and the Fed," managing director Jeffrey Wright with Global Hunter Securities told MarketWatch on Tuesday. "The Fed's timetable on [quantitative easing] is influencing the U.S. dollar."

Monday gains
Gold prices fluctuated throughout the day, but it dipped down to nearly $20 in the red once trading closed.

The most recent time that the precious metal endured eight consecutive trading sessions of losses was in 2009.

The stronger performance early on during the Monday trade session was linked with Moody's Investors Service issuing a warning to the U.S. that it would downgrade the nation's debt. That tugged down the U.S. dollar, which prompted the yellowish metal to surge.

The record price for gold futures is $1,923.70 per troy ounce as established on September 7, 2011.