Skip to main content

The Canadian dollar weakened to a one-week low against its U.S. counterpart on Thursday as investors worried that tightening restrictions to combat a second wave of the coronavirus pandemic would slow global economic recovery.

Global shares fell as some European countries revived curfews to try to contain the rise in new COVID-19 infections.

Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to the outlook for the global economy.

Story continues below advertisement

U.S. crude oil futures dropped 3.7 per cent to $39.51 a barrel, while the Canadian dollar was trading 0.6 per cent lower at 1.3224 to the greenback, or 75.62 U.S. cents.

The currency touched its weakest intraday level since last Thursday at 1.3241.

Domestic economic data was mixed.

Canadian home sales rose 0.9 per cent in September from August, raising them to another new all-time monthly record, the Canadian Real Estate Association said.

Separate data, from payroll services provider ADP, showed that Canada lost 240,800 jobs in September, extending a run of declines that began in March.

That contrasts with labor force survey data last Friday from Canada’s national statistics agency showing job gains in recent months that have brought employment within 720,000 of its pre-pandemic level.

Canadian government bond yields were lower across a flatter curve, with the 10-year down 3.3 basis points at 0.548 per cent.

Story continues below advertisement

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens.
Visit the hub
Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies