By Commodity News Service Canada
WINNIPEG, July 8 The Canadian dollar weakened against its US counterpart Wednesday morning in light of weak oil prices, and a report showing a decline in the country’s building projects.
At 8:40 a.m. CDT the Canadian dollar was at US$0.7849 or C$1.2740 which compares with Tuesday’s North American close of US$0.7866, or C$1.2712.
In Canadian economic data, the total value of building permits fell 14.5 per cent to C$6.7-billion in May, following two months of double-digit gains. Declines were recorded in five provinces, led by Ontario, Statistics Canada said Wednesday.
According to StatsCan, the value of multi-family dwelling permits fell for a second consecutive month, down 22.9 per cent to C$1.6-billion in May.
The TSX was stronger in early activity, up 30.93 points at 8:40 a.m. CDT to sit at 14,624.50.
