Canadian dollar declines amid stronger than expected read on U.S. housing
TORONTO - The Canadian dollar closed lower Tuesday amid stronger than expected U.S. housing data.
The loonie fell 0.11 of a cent to 90.68 cents US as the U.S. dollar strengthened in the wake of a report showing existing home sales fell 0.2 per cent last month to an annual rate of 4.59 million. That was higher than the annual rate of 4.55 million that economists had expected..
Other data showed a solid rise in Canadian wholesale sales during February.
Statistics Canada reported that wholesale sales rose for a second consecutive month in February, up 1.1 per cent to $50.7 billion, led by motor vehicle and parts. Excluding this subsector, wholesale sales rose 0.8 per cent.
Traders also looked ahead to Wednesday for the latest retail sales data. Statistics Canada is expected to report that retail sales in February rose 0.4 per cent from January, when sales posted a big 1.3 per cent bounce from the poor performance registered in December because of severe winter weather.
Economists expect a good chunk of the retail sales gain will be driven by higher gasoline prices.
The big number for the U.S. this week is March durable goods data coming out on Thursday. Economists looked for goods orders to have risen by 1.9 per cent following a 2.2 per cent gain in February.
On Tuesday, commodity prices were mixed with the June crude contract in New York down $1.90 to US$101.75 a barrel.
June bullion faded $7.40 to US$1,281.10 an ounce while May copper was up one cent at US$3.05 a pound.
Read more Business News
- 3-year study on 2nd crossingKelowna
- Zimmermann bows outKelowna
- Witness shot at during chaseWest Kelowna
- Rogue grass cutters hit Dr KnoxKelowna
|QHR Technologies Inc||1.29||-0.01|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.70||-0.18|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.265||-0.01|
Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...
Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...
This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...