Canadian dollar loses value as confidence wanes for European leaders' abilities

The value of the Canadian dollar was on the slip Monday against the U.S. dollar amid preoccupations about leaders in the European Union being unable to reel in the sovereign debt scourge when they convene later this week, according to Bloomberg.

The loonie continued its slide from last week when it lost 0.3 percent of its value against the world's reserve currency. The Canadian dollar dropped to its lowest value against its counterpart since June 14.

"The Canadian dollar wouldn't be on top of my list of currencies to hold," European head of global currency-markets research Derek Halpenny with Bank of Tokyo-Mitsubishi UFJ in London told the news source. "There's a high risk of disorderly markets through the summer and into the autumn. We're bullish U.S. dollar and yen."

June saw business activity constrict in the euro zone for a fifth consecutive month, according to polls administered by Reuters.

The loonie suffered the consequences of that drop as the monetary unit is based on the economy that lives by the export of the natural-resources-rich nation's shipments.