Pulling down the loonie against its southerly counterpart are the projections of a Canadian jobs report to be released on Thursday that will demonstrate development and growth of the employment in the nation is slowing down. On Friday, the U.S. – a top trade partner to Canada – is scheduled to release its jobs report.
"What is good for the U.S. economy and U.S. dollar is OK for the Canadian dollar," states a Wednesday morning note penned by chief currency strategist Shaun Osborne with TD Securities, according to Dow Jones Newswires.
Risk appetite was on the wane as the value of global stocks was falling as a consequence of a Spanish bond auction seeing reduced demand.
Canadian employers in March added 10,500 jobs to payrolls, the median of a Bloomberg survey of economists indicates.
The loonie's performance on Wednesday was driving toward parity with the U.S. dollar, according to Dow Jones Newswires. But no significant Canadian economic indicators are scheduled for release on Wednesday.