Forex News – Canadian dollar weakens against USD to worst level since January

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The Canadian dollar weakened against the US dollar during the early North American session on Thursday after some mixed US and Canadian economic data failed to lift sentiment and lacked the strength to offset underlying concerns surrounding the deepening turmoil in Europe and fears of contagion arising from the Greek crisis.

Data from the United States showed that U.S. jobless claims held steady at 370,000, slightly disappointing market expectations, which were forecast at 368,000.

Slightly higher than expected domestic wholesale trade figures on the back of strength in the motor vehicles and parts subsector did little to encourage investors.

Meanwhile data from Canada showed that foreign investors reduced their holdings of Canadian securities for the second time in three months in March, largely by selling off Canadian treasury bills.

USDCAD surged to a four-month high of 1.0176 by 10am New York time, the highest level since January 17.