Canada’s dollar depreciated against 14 of its 16 most-traded counterparts on concern a higher default risk for Greece and a slowing recovery in the U.S. will cut demand for currencies that benefit from economic growth. Canada’s currency is the worst performer against the dollar after the Swedish krona among most-traded counterparts in the past month. Traders are unwinding bets the Bank of Canada will raise interest rates anytime soon, as economic indicators in the U.S., Canada’s largest trading partner, point to a slower recovery. “The Canadian dollar is going to keep trading with the next set of data and the ongoing soap opera in Greece,” said Philippe Denolf, a currency trader in Montreal at Laurentian Bank of Canada. The Canadian currency was little changed at 97.74 cents per U.S. dollar at 8:05 a.m. in Toronto, compared with 97.72 cents yesterday, when it fell 0.9 percent, the most since March. One Canadian dollar buys $1.0231. The loonie, as the currency is sometimes known, fell the most today against the Norwegian krone, dropping 1.5 percent. It traded down 0.9 percent to C$1.41 versus the euro, which rose against the U.S. dollar after German Chancellor Angela Merkel said she is committed to the currency and European Central Bank officials backed the creation of a euro-region finance ministry. Greece’s risk of default was raised to 50 percent by Moody’s Investors Service as European officials rushed to put together the second bailout plan in two years to stave off renewed financial turmoil in the region. ADP Employer Services said yesterday U.S. firms added 38,000 workers in May, compared with a forecast of 175,000. Another report showed manufacturing in the U.S. expanded in May at the slowest pace in more than a year. Canada ships about three-quarters of its exports to the U.S. To contact the reporter on this story: Chris Fournier in Halifax, Nova Scotia at cfournier3@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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