TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Thursday as investors worried about a potential second wave of the coronavirus pandemic and after domestic data showed a record plunge in wholesale trade for the month of April.
Canadian wholesale trade fell 21.6% in April from March, led by a decline in sales in the motor vehicles and motor vehicle parts and accessories subsector as a result of shutdowns related to the coronavirus outbreak, Statistics Canada said.
Separate data, from payroll services provider ADP (NASDAQ:ADP), showed that Canada added 208,400 jobs in May, when lockdowns to help contain the pandemic began to ease. Still, there was a downward revision to April data to show 2,361,714 jobs were lost.
Global stocks fell as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift world economic comeback from the pandemic.
The price of oil, one of Canada's major exports, was pressured by worries about fuel demand. U.S. crude (CLc1) prices were down 0.2% at $37.89 a barrel.
The Canadian dollar
Bank of Canada Deputy Governor Lawrence Schembri is due to address the Greater Saskatoon Chamber of Commerce at 1:30 p.m. (1730 GMT). Data on Wednesday showing a surprise annual decline in the consumer price index has supported expectations for continued low interest rates.
Canadian government bond yields were mixed across a flatter curve on Thursday, with the 10-year yield (CA10YT=RR) down 1.9 basis points at 0.522%. On Monday, the 10-year yield hit a one-month low at 0.468%.