Canadian dollar's value drops in U.S. marketplace

Foreign currency is weakening as signs of a slowdown in the global economy have some investors trimming back on higher-yielding assets in favor of the perceived safety of the American dollar.

Canada's dollar - or the loonie, as it is nicknamed - is headed for a 1.1 percent loss, which will make it the second-weakest currency commodity among the U.S.'s 16 most-traded counterparts. The Mexican peso is the weakest.

"It's been very much a case of investors looking to unwind positions in those commodity-bloc currencies and moving back towards the traditional, safer havens," Jeremy Stretch, global head of foreign-exchange strategy at Canadian Imperial Bank of Commerce, told Bloomberg. "It's going to be tough to buck the trend of negativity and nervousness regarding the global economy in the short term of probably the next seven days or so."

Other popular currencies traded on the U.S. market include the Japanese yen, the British pound, the Euro, the Australian dollar and the Swiss franc.

Meanwhile, Canadian commodity producers are investing at the fastest rate since 2007. According to Bloomberg, this pace signals that resource companies will provide a floor to slowing economic growth, even as homebuyers and consumers continue to show signs of restraint.