Wednesday saw the Canadian dollar drop against its rival currencies as a consequence of the nation's top partner for commerce and trade releasing disappointing data, according to Bloomberg.
U.S. durable-order goods fell 5.7 percent during March, dwarfing the 3 percent median forecast of economists in a Bloomberg survey. The Canadian dollar's losses against the U.S. dollar brought the loonie near its six-week trough against the greenback.
"When you go back and look over the past three years or so, this pattern of data disappointment has been quite common," chief currency strategist Shaun Osborne with Toronto-Dominion Bank in Toronto told the news source on Wednesday. "The spring swoon or soft patch, whatever you want to call it, has been very much a feature of U.S. economic data, and that feature spills over into risk assets."
The durable-goods orders' drop was the largest in roughly seven months, which was correlated with slumping performances of commercial aircraft and business investment.
The loonie initially climbed as the Wednesday trading session began but it reversed course as the day continued, according to The Canadian Press.
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