By Commodity News Service Canada
WINNIPEG, June 22 – The Canadian dollar strengthened against its US counterpart Monday morning, in light of the US Federal Reserve’s lowered US growth forecast, and Statistics Canada released data about Canada’s new housing construction.
At 8:30 a.m. CDT the Canadian dollar was at US$0.8162 or C$1.2252 which compares with Friday’s North American close of US$0.8153, or C$1.2266.
The Fed had lowered both its growth forecast and interest-rate projections last week, citing a weaker US economy.
Investment in Canada’s new housing construction rose 2.3 per cent in April, compared to last year’s numbers, Statistics Canada said in a report released Monday.
Apartment and apartment-condominium building construction was responsible for most of the national advance, StatsCan says—rising 7.9 per cent to C$1.3-billion.
The TSX was weaker in early activity, down 117.52 points at 8:30 a.m. CDT to sit at 14,653.12.
