Canadian Dollar Mostly Weaker Against Major Counterparts, Wednesday, June 20, 2007 1:21:44 PM

The Canadian dollar was mostly weaker against its major counterparts Wednesday in New York. The loonie fell versus the greenback, euro, and sterling. Meanwhile, the Canadian currency was mostly choppy against the yen. Traders considered data showing that wholesale sales dropped unexpectedly in April. Investors also continued to react to yesterday`s news that core inflation rose less-than-expected in May.

The Canadian dollar fell versus the greenback Wednesday in New York. After the early morning was marked by largely uncertain trading, the loonie began to decline around 4:30 am ET. By 9:20 am, the Canadian currency had fallen to an intraday low of 1.0686. The Canadian dollar rebounded from some of its losses, trading at a mark of 1.0649 at 1:07 pm. This is compared to an intraday high of 1.0617 at 1:40 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.

The Canadian dollar slid versus the euro Wednesday in New York. The loonie advanced during the early morning, but began to lose more than it had gained just before 4 am ET. At 9:30 am, the Canadian currency slid to an intraday low of 1.4348 against its European counterpart. The loonie recovered somewhat from its losses, fetching a mark of 1.4301 at 1:09 pm. This is compared to an intraday high of 1.4252 at 3:40 am. Traders mulled data showing that German producer prices rose higher-than-expected in May.

Against the sterling, the Canadian dollar retreated Wednesday in New York. After choppy trading dominated the early morning, the loonie began to decline at 4:20 am ET. At 9:30 am, the Canadian currency fell to an intraday low of 2.1300. The loonie rebounded slightly from its losses soon after, trading at a mark of 2.1240 at 1:12 pm. This is compared to an intraday high of 2.1107 at 3:40 am. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.

Versus the yen, the Canadian dollar was largely uncertain Wednesday in New York. At 1:14 pm ET, the Canadian currency traded at a mark of 116.00 against its Japanese counterpart. This is compared to an intraday high of 116.27 at 11:10 am and an intraday low of 115.56 at 9:30 am.

Canadian wholesalers posted sharply lower sales in April, as declines in a number of major sectors erased all of the strong gains made over the previous two months, Statistics Canada indicated Wednesday. Overall sales fell by 3.1% in April to an estimated $42.8 billion. April`s drop was the largest since August 2003 and followed increases of 2.3% and 0.9% in March and February respectively.

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