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Canadian Dollar Retains Losses

October 8, 2013 at 5:55 by Vladimir Vyun

A heap of Canadian dollar billsThe Canadian dollar retained its yesterday’s losses today that were caused by the abysmal building permits data. Worries about the US budget impasse did not help the currency either.

Canadian building permits slumped 21.2 percent in August from July, when an increase by 21.4 percent was registered. Analysts’ forecasts were nowhere near the actual data, promising a decrease by just 2.4 percent.

The problems in the United States, the biggest trading partner of Canada, added to loonie’s woes. Crude oil, the major Canadian export, slipped 0.07 percent to $102.96 per barrel today. Currently, the loonie attempts to recover against the yen, but continues to fall versus the greenback.

USD/CAD rose from 1.0310 to 1.0324 as of 5:52 GMT today. EUR/CAD advanced from 1.3963 to 1.4003 on the previous trading session and stayed at this level today. CAD/JPY traded at 94.05 after falling from 94.36 to 93.74 yesterday.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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