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The Canadian dollar ticked lower against other major currencies in early North American session on Thursday. The Canadian dollar plunged to a 9-day low against the euro and a 3-day low against the yen.
Statistics Canada's industrial product price index fell 0.9% in June, led by petroleum and metals.
The raw materials price index declined 0.3%, largely because of lower prices for non-ferrous metals and animal products.
Economists were looking for raw materials prices to rise 1% after a revised decrease of 7.3% in May. Industrial product prices were expected to rise 0.5%, following a revised 0.4% gain in May.
Around 8:30 am ET, the Canadian dollar fell to a 9-day low of 1.3541 against the euro and a 3-day low of 83.95 against the yen, compared to yesterday's respective closing quotes of 1.3490 and 84.29.
If the loonie drops further, it may target 1.370 against the euro and 82.30 against the yen.
As of now, the loonie is worth 1.3524 against the euro and 84.36 against the yen.
In economic news, the seasonally adjusted number of unemployed in Germany dropped for the thirteenth consecutive month in July, as improved economic conditions boost the country's labor market. There were 20,000 fewer unemployed in Germany in the month of July compared to June, data released by the Federal Labor Agency showed. That matched economists' expectations and June's revised figure.
The eurozone's economic sentiment indicator rose to 101.3 in July from 99.0 in June, the European Commission said. This was higher than analyst forecasts for a score of 99.1. The European Commission's indicator for consumer confidence, meanwhile, rose to -14 from -17, in line with preliminary estimates.
The Canadian dollar continued to drift lower against its Australian counterpart in early North American deals on Thursday. As of now, the loonie is worth 0.9324 against the aussie with 0.936 seen a as the near term downside target level. Presently, the loonie is worth 0.9325 against the aussie.
The Canadian dollar is now worth 1.0338 against the U.S. dollar, compared to previous session's high of 1.0306. At yesterday's close, the loonie traded at 1.0383 against the dollar. The loonie may target around the 1.039 level, if it declines further.
After releasing a report last week showing a notable increase in first-time claims for unemployment benefits, the Labor Department released a report today showing a modest decrease in initial jobless claims in the week ended July 24th.
The report showed that jobless claims dropped to 457,000 from the previous week's revised figure of 468,000. Economists had been expecting jobless claims to edge down to 460,000 from the 464,000 originally reported for the previous week.
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