The Canadian dollar was among the worst performing currencies with a continuous fall in value for 6 days in a row.
Against the US dollar, the Canadian currency has weakened to an 8-week low driven by falling global crude oil prices.
Crude oil, Canada's main export commodity, saw continued declines, but the risk of supply disruptions following the war in the Middle East limited further declines.
To examine the movement of the Loonie, investors are looking forward to the Canadian jobs data report this Friday which expects the latest figure to be better.
Canada is expected to add 29,800 jobs in September but there is some concern when the unemployment rate is forecast to rise to 6.7%.
On the chart of the USD/CAD currency pair, the price is seen to maintain a series of increases since last week and in the New York session yesterday passed the 1.37000 level.
Continuing trading in the Asian and European sessions today (Thursday), the price remained flat slowly above the 1.37000 level while awaiting the latest indication.
The market's focus is now on the United States (US) inflation data which is seen to be the driver of trade at the end of this week.
If the price increase continues, the price is likely to be able to reach the height of 1.38000.
On the other hand, if there are signs of a change in direction, investors should be prepared for a further drop in prices.
Failing to hold above the 1.37000 level and starting to drop down would expect the price to start declining before heading towards the nearest concentration level around 1.36000.
