Underwhelming economic data released by China regarding its gross domestic product during the first quarter of this year prompted the Canadian dollar to lose value on Monday against the world's reserve currency, Bloomberg reports.
The loonie slumped against most of its top rival monetary units as Canada also wrestled with the prospect that its growth also is hitting a rough patch. Policy makers with the central bank of Canada are set to convene on Wednesday and one topic that is likely to be discussed is the nation's growth forecast.
Losses for the loonie continued from late last week when it was pinched by the reduced pace of retail sales last month in the U.S., the biggest trade partner to the nation.
The Canadian dollar, a commodity-linked monetary unit, also was losing value on Monday as tradables on the commodity complex also slipped. Canada's economy is based on the export of its natural resources.
In particular, crude oil and copper futures were losing value on Monday, The Canadian Press reports. The loonie's losses early during the Monday trading session were as high as three-quarters of a U.S. cent.
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