Canada’s dollar dropped after a U.S. government report showed employers added fewer jobs last month than economists forecast. The loonie, as the currency is nicknamed, fell against 13 of its 16 most-traded peers as U.S. employers hired 18,000 workers in June, less than forecast and the fewest in nine months, while the unemployment rate unexpectedly climbed, boosting concern than the U.S. economy is struggling. Canada ships about three quarters of its exports to the U.S. “The U.S. numbers were a disappointment, and the loonie is falling out of bed,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “Bad economic news in the States typically hits the Canadian dollar.” The Canadian currency fell 0.6 percent to 96.43 cents per U.S. dollar at 8:54 a.m. in Toronto, compared with 95.87 yesterday. Earlier it touched 95.66 cents, the strongest level since May 11. One Canadian dollar buys $1.0370. The increase in U.S. payrolls followed a 25,000 gain that was less than half the rise initially estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a June gain of 105,000. The unemployment rate rose to 9.2 percent, the highest level this year. Hiring by companies, which excludes government agencies, was the weakest since May 2010. The loonie earlier touched the highest level since May after a government report showed Canada’s employers added more jobs last month than economists forecast. Canada’s economy added 28,400 jobs in June after boosting payrolls by a net 22,300 positions in the previous month, Statistics Canada reported today. The median forecast of 27 economists in a Bloomberg News survey was for a gain of 15,000. The jobless rate held at 7.4 percent. To contact the reporter for this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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