Canadian Forex Midday: C$ moves lower

By Commodity News Service Canada

Winnipeg, January 9 – The Canadian dollar moved lower against its
US counterpart at midday Thursday, falling to a four-year low earlier
in the session amid weaker-than-expected Canadian economic data,
industry watchers said.
Statistics Canada reported that building permits were down for the
first time in three months during November, dropping 6.7% to C$6.8
billion. Economists were expecting permits to be down just 2.7%.
Stronger-than-expected US economic data added to the downward
pressure, analysts said. According to the US Department of Labour,
claims for jobless benefits during the week ended January 4 were down
by 15,000 to a seasonally adjusted 330,000. Economists were calling for
the seasonally adjusted rate to fall to 335,000.
Losses seen in commodities, including gold, crude oil and copper,
added to the loonie’s bearish tone.
At 11:27 CST Thursday, the Canadian dollar was trading at
US$0.9222 or US$1.0843, which compares with Wednesday’s North American
close of US$0.9256, or US$=$1.0804.
At 11:27 CST Thursday, the Toronto Stock Exchange was down 0.16
points to sit at 13,614.47.