By Commodity News Service Canada
WINNIPEG, May 9 (CNS Canada) The Canadian dollar weakened against its US counterpart on Monday, tracking losses in crude oil futures, and pressured by domestic data.
At 8:48 a.m. CDT, the Canadian dollar was at US$0.7707 or C$1.2975 which compares with Friday’s North American close of US$0.7741, or C$1.2919.
New York Mercantile crude oil futures had lost US$0.23 to sit at US$44.43 a barrel, as of 8:48 CDT.
In Canadian domestic data, Canadian housing starts dropped off in April, according to a report from the Canadian Mortgage and Housing Corporation.
Housing starts in April dropped to an annualized 191,512 units, compared with a downwardly revised 202,375 units in March.
In other Canadian domestic data, Canada produced 18.5 million cubic metres of crude oil and equivalent products in February, up two per cent compared with the same month in 2015, Statistics Canada said in a report on Monday.
The TSX was weaker in early activity, down 77.98 points at 8:48
a.m. CDT to sit at 13,623.49.
