The Canadian dollar has weakened as stocks in the US declined, oil prices fell and unemployment data came in. The Canadian economy shed 7,400 jobs and the unemployment rate rose to 8.6% while a government report outlined struggles the economy is facing.

This set the loonie on course for a 0.4% decline against the US dollar this week, marking its sixth week of declines against the greenback. Partially responsible for the slide is the rise in risk aversion recently and lack of positive data. This has also sent crude oil, one of Canada's primary exports below USD59 a barrel.

The Canadian currency fell 0.3%, trading at 1.1659 per US dollar.

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