Canadian Dollar Weakens Against Most Majors

The Canadian dollar showed weakness against most of its major counterparts after the release of some economic data during New York morning deals on Monday.

Canadian manufacturing sales fell less than expected in April, edging down 0.1% from the previous month to $41.0 billion, according to data released Monday morning by Statistics Canada. Economists were expecting manufacturing sales to drop more than 1% in April.

The Canadian currency extended European session's downtrend against the US dollar in New York morning session and currently trading near new multi-week low of 1.1379.

According to a report released by the New York Federal Reserve today, its general business conditions index fell to a negative 9.4 in June from a negative 4.55 in May, with a negative reading indicating a deterioration in conditions. Economists had expected the index to edge down to a negative 5.10.

The loonie traded down against the Japanese yen in New York deals today. At 11:20 am ET, the loonie dropped to an 11-day low of 86.12 versus the yen, compared to Friday's New York session close of 87.99.

The loonie also ticked down against the British pound and dropped to a fresh multi-month low of 1.8548 by about 8:00 am ET. Currently, the loonie is trading near 1.8478 versus the pound from last week's close of 1.8394.