CAD Goes Lower as Fears for Europe Intensifies

The Canadian dollar retreated today as the worries about the crisis in the European Union overshadowed the positive data from Canada’s hosing market.
The seasonally adjusted annual rate of housing starts climbed to 205,900 in September from 191,900 in August, according to Canada Mortgage and Housing Corporation. The median forecast was 187,000. The outlook for the economy of the US, the biggest Canada’s trading partner, remained subdued. The IBD/TIPP Economic Optimism Index rose to 40.3 in October from 39.9 in September, compared to the market expectations of 43.2. Futures for crude oil decline 1.5 percent to $84.66 per barrel today.
USD/CAD rose from 1.0265 to 1.0299 as of 15:46 GMT today, touching the daily high of 1.0337. CAD/JPY went down from 74.64 to 74.41, while the daily minimum was 74.13.

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