Canadian dollar sinks to 76.35 cents US

The Canadian dollar continued its slide this week to a nine-month low as it headed for its worst week against the U.S. dollar in over a year.

The loonie was trading at 76.37 cents US on Friday afternoon, which was its lowest level since June last year and down over 0.5 per cent from Thursday’s average of 76.73 cents US.

Canada’s dollar was already the worst performing major currency in the world this year — down almost four per cent — even before Friday’s slide.

Disappointing manufacturing sales data, trade fears over NAFTA and the Bank of Canada’s recent indication of slower interest rate hikes this week have weighed on the currency.

A weaker loonie should benefit Canadian manufacturers who export goods, and analysts are predicting that the currency may fall further.