Loonie falls against greenback amid underwhelming jobs data

The value of the Canadian dollar dropped against its southerly rival on Friday, dragged down by reports projected to indicate both nations' jobless rates are minimally changed, according to Bloomberg.

The second quarter in Canada was projected to be the nation's worst three-month period in two years. June saw the creation of 5,000 new jobs as compared to 7,700 new ones the month prior, economists with the news service said in a poll.

"Little bit of a risk-off tone this morning, but very modest at this point given the potential turnaround from the employment numbers," director of foreign exchange Matthew Perrier with Bank of Montreal in Toronto told the news source.

One day after touching its top value in 24 months against the shared currency of the European Union, the loonie was minimally changed against the embattled monetary unit.

A Reuters poll indicates the U.S. created 90,000 new jobs last month, which would trump the 69,000 new jobs created the month prior. The May job totals was the lowest for that metric in 12 months.