The Canadian dollar advanced against its US peer today as metal prices surged, increasing the appeal of the currency related to commodities. At the same time, the loonie went down against the euro on slowing housing in Canada.
Metals gained today, increasing the attractiveness of commodity currencies. Gold futures jumped as much as 1.69 percent to $1,473.30 per troy ounce on COMEX today. Copper advanced 1.95 percent to 3.3670 per pound.
Domestic fundamentals were less positive for the Canadian dollar (also known as the loonie). Housing starts fell to 182,754 units in April from 188,369 in March. Statistics Canada will release the New Housing Price Index tomorrow and it is expected to show 0.1 percent growth in March, slower than in February (0.2 percent).
USD/CAD fell from 1.0040 to 1.0025 as of 22:12 GMT today. EUR/CAD went up from 1.3131 to 1.3193 and its intraday high was at 1.3238. CAD/JPY was flat at 98.65.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
