Caution ahead of the central bank of Europe meeting on Thursday tugged down the value of the Canadian dollar on Wednesday, according to Reuters.
The government of the northern nation was preparing to release employment data from the month of January, which is likely to impact the performance of the currency as well. But high in mind is the policy meeting in the aftermath of political scandals in Italy and Spain, two of the 17-nation bloc’s larger economies. Policy makers also are said to be worried about the high value of the euro.
“I’m kind of convinced now we’re more likely to stay in the range ahead of the Canadian employment data this Friday,” foreign exchange sales managing director Darcy Browne with CIBC world markets told the news source on Wednesday. “The commodity complex is looking a little tired here right now.”
Despite gains against the U.S. dollar, the Canadian currency drove to its one-month highs against the Australian dollar on Wednesday. But it fell from five-month highs against the English pound.
Australia released retail sales data that was underwhelming, which pulled down the Aussie against the loonie, according to The Wall Street Journal.
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