By Commodity News Service Canada
Winnipeg, January 9 (CNS Canada) – The Canadian dollar was lower
against its U.S. counterpart on Tuesday morning, pressured by poor
domestic housing data.
Housing starts dropped 13.8 per cent in December to a rate of
216,980. That compares to 251,675 units last month, according to the
Canada Mortgage and Housing Corporation. Analysts expect the sector
to decline further in 2018 as interest rates climb higher.
Losses in gold bullion and natural gas prices added to the
downside.
The loonie took some strength from advances in crude oil prices.
Brent crude moved above the US$68 mark, which was the highest it’s
been since May of 2015.
At 8:57 CST Tuesday morning the Canadian dollar was at US$0.8033
or C$1.2449 which compares with Monday’s North American close of
US$0.8050 or C$1.2422.
At 8:57 CST Tuesday morning, the TSX was down 31.79 points, or
0.19%, at 16,317.65.
