Video: How much higher can U.S. stocks go? The loonie, as the dollar coin is known in Canada, has lost more than 4 per cent this year, which puts the currency �exactly in the middle of the pack,� said senior economist Benjamin Reitzes of BMO Nesbitt Burns.

By Alastair Sharp. TORONTO (Reuters) - The Canadian dollar took a hit from unexpectedly soft domestic retail sales data, sliding to a 10-week low against the U.S.

�Ordinarily, we might expect the Canadian dollar to benefit from an accelerating U.S. economy. If the U.S. economy is doing better, what about growth-related currencies in the G10?

In trading on Wednesday, shares of the Canadian Dollar Trust ETF (AMEX: FXC) entered into oversold territory, changing hands as low as $95.71 per share.

Toronto-Dominion Bank says the loonie, now at near par, will tumble to 90 cents by early next year, before recovering to 93 cents by the end of 2014.

TORONTO - The Canadian dollar headed lower Friday after Statistics Canada reported that consumer prices rose last month at the slowest rate it's seen in more than three years.

A Canadian dollar, left, and a Euro are seen next to a series of U.S. dollars in this January 26, 2011 photo in Montreal. THE CANADIAN PRESS/Paul Chiasson.

Last week, the Canadian dollar was the most shorted major global currency, next to the yen, as speculators ganged up on the currency.

�Speculators have ganged up on the Canadian dollar by shorting the currency like there was no tomorrow,� Mr. Marion said.

Iceland is on the verge of a new coalition government made up of two parties, one of which recently toyed with the idea of ditching the tiny country's currency and adopting the Canadian dollar. European Central Bank President Mario Draghi. REUTERS ...