Canadian Forex Midday: C$ Down With Lukewarm Housing Data

By Commodity News Service Canada

Winnipeg, May 7 – The Canadian dollar drifted lower against its US counterpart at midday Wednesday, on reports from Statistics Canada that building permit insurance was down 3% in March.

The report isn’t considered a crucial factor in currency behaviour, but is considered an indication of where the housing sector is headed, said analysts.

Gold was down 1.42% to US$1,290 an ounce, which was bearish.

The June crude oil contract gained $1.44 cents to US$100.94 a barrel which was bullish.

At 11:45 CDT Wednesday, the Canadian dollar was trading at US$0.9174 or US$1.1090, which compares with Tuesday’s North American close of US$0.9192, or US$=$1.0879.

At 11:45 CDT Wednesday, the Toronto Stock Exchange was up 40.81 points to sit at 14,653.10.