Canada Dollar Drops for Fifth Week as Jobs Data Adds to Gloom
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Canada’s dollar dropped for a fifth consecutive week in the longest losing streak in a year as speculation a slowing recovery for the nation’s biggest trade partner and Europe’s worsening debt crisis curtailed demand.
The currency touched the lowest since November after a report yesterday showed the U.S. added the fewest jobs in a year. Bank of Canada policy makers meet on June 5, four days after Statistics Canada said growth stagnated in the January-March period as consumer spending increased at the slowest pace in three years, raising the chances of lower interest rates by the end of 2012.