Economic data noting Canada's trade deficit increased in April tugged down the country's currency on Tuesday, Bloomberg reports.
Exports from the country fell for the first time in five months. The loonie slipped against the majority of its counterpart currencies one trading session after having achieved its biggest gains in almost one year. Also tugging down the Canadian dollar were losses to crude oil futures, the top export of the natural-resources-rich nation.
"The market will be fairly contained until we get nonfarm payrolls," head analyst Dean Popplewell with online currency-trading firm Oanda Corp. in Toronto told the news source, pointing to economic data coming from the U.S., with whom Canada shares strong commerce and trade relations. "If you get some weak numbers this Friday, Canada will underperform. But probably not as much in regards to some of the cross currencies."
Canada is preparing to release its own employment data on Friday, which is likely to sway the loonie one way or the other.
Exports from Canada fell 0.2 percent in April, according to The Canadian Press.
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