The Canadian dollar lost ground against the greenback today following the release of poorer-than-expected housing data.
According to Canada Mortgage and Housing Corporation, housing starts fell 12 per cent in April, recording a second straight month of declines. The dollar was hammered after the release and continued to lose ground to the greenback into the afternoon trading session.
A slight recovery in precious metals kept the loonie from sliding further on Wednesday as gold edged back above US$880 per ounce and platinum traded comfortably above US$2000 an ounce by mid-afternoon.
Markets are expected to be quiet this afternoon ahead of Canadian employment and U.S. and Canadian trade numbers, due to be out Friday.
After trading close to parity for most of Wednesday, by 2:30 p.m. Thursday the Canadian dollar was trading lower against the U.S. dollar at 0.9838.
Market report prepared by Bruce Hauser
Accu-Rate Corporation
2573 Carling Ave. Ottawa, ON K2B 7H7
Tel: (613) 596-5505
E-mail: bruce@accu-rate.ca
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