Canadian dollars
Canadian dollar has plunged to an 11-year lowReuters

The Canadian dollar broke through a crucial medium-term support and slumped to an 11-year low on Friday as negative surprises from China led to a sell-off in commodities and firming up of the greenback.

Brent crude for spot delivery plunged to a near four-month low of $54.75 on 24 July making a major reason for the Canadian currency's weakness.

Spot gold has fallen 1.2% on the day to as low as $1076.70, getting closer to the 20 July 5-year low of $1072.93.

USD/CAD soared to as high as 1.3080, its highest since 2004, from the previous close of 1.3036. The pair broke through the 2009 high of 1.3066, taking the loonie to its weakest in 11 years.

The Canadian dollar has fallen about 4.5% so far in July while the spot Brent has plunged 13%. So far this year, the loonie has fallen 11%.

The loonie is highly sensitive to commodities prices as commodities shipments bring a major share of export revenues to the North American country.

The Markit China manufacturing PMI, an index reflecting the manufacturing conditions of the world's second largest economy, has fallen to a 15-month low in July, data showed on Friday.

The index came in at 48.2 from 49.4 in June while analysts had been expecting a slight increase to 49.7. A reading below 50 indicates contraction.

Data from Canada on 23 July showed retail sales rose more than expected in the month of May in the country but the numbers failed to prevent the slide in the currency.

The market is now waiting for the US manufacturing PMI data released by Markit due at 1.45pm GMT and the new home sales data released shortly afterwards.

Eurozone PMI numbers were weaker than expected adding to concerns that the region may be forced to take more stimulative efforts to shore up growth while Greek-related uncertainties remain.

Euro as well as the pound dropped against the dollar on Friday endorsing the dollar demand amid weakening risk sentiment globally. GBP/USD fell to a 10-day low of 1.5467 from the previous close of 1.5513.

Falling equities increased demand for safer assets like US Treasuries and dollar on Friday. The USD index rose to 97.60 from the previous close of 97.23.