Canadian Dollar Drops on December Manufacturing Sales

Loonie in forex trading

Canadian dollar is dropping today, heading lower on the latest economic data. Concerns about what’s next for the Canadian economy are weighing on the loonie in forex trading.

December manufacturing sales dropped by 3.1 per cent, which represented a rather large drop over what was expected. The news comes as the employment situation in Canada continues to cause concern, along with other signs of economic slowing.

It’s also not helping that concerns about oil prices are sending them lower. Canada relies on oil prices for support, and lower prices generally weigh on the loonie in forex trading.