Monday saw the value of the monetary unit of Canada slip against the U.S. dollar after China reduced its growth target, Reuters reports.
The Canadian dollar also fell amid Europe's private sector drawing down its economic growth last month, which spurred growing worries about the global economic situation. One managing director noted Thursday will be a notable day, as the central bank of Canada will indicate its plans for interest rates and Greece is scheduled to conduct an auction of bonds.
"Having those two big events on Thursday will create a bit of caution in the markets and you may not see much of a range for the Canadian dollar over the next three days," foreign exchange sales managing director Blake Jespersen with BMO Harris told the news service.
The falling price of crude oil, the top commodity in the natural-resources-rich nation, also pulled down the value of the Canadian dollar, according to Reuters.
Wen Jiabao, leader of China, pulled down the growth target of the economy of the nation he leads from the 8 percent figure at which it had remained for the past several years, according to The Canadian Press.
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