Canada’s dollar dropped against most of its major counterparts on concern that slowing growth will prompt the Federal Reserve to emphasize the need to maintain stimulus in the U.S., the nation’s largest trading partner. The loonie, as the currency is sometimes known, slid from a one-week high against the U.S. dollar and was down versus 14 of the 16 most-traded currencies. Fed Chairman Ben S. Bernanke is expected to address the recovery at a press conference today as the central bank winds down its $600 billion bond purchase plan. “The Canadian dollar is awaiting a breakout catalyst,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. The Canadian currency depreciated 0.1 percent to 97.24 cents per U.S. dollar at 10:50 a.m. in Toronto, from 97.11 yesterday. The loonie touched 97.08, the strongest level since June 15. One Canadian dollar purchases $1.0284. Bernanke and his colleagues have given no indication they’ll tighten policy at any time soon. With manufacturing slowing and unemployment increasing during May to 9.1 percent, the Fed chairman said this month growth is “frustratingly slow.” The unemployment rate in the U.S. unexpectedly climbed to 9.1 percent in May and payrolls grew at the slowest pace in eight months. To contact the reporters on this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net Catarina Saraiva in New York at asaraiva5@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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