NEW YORK: The Canadian Dollar exchange rate fell in Tuesday’s trading after oil prices took another tumble.
Since July 2014, the price of black gold has depreciated by around 60% – an event that’s seen the CAD significantly soften.
With no Canadian domestic data scheduled for release on Tuesday, the Can Dollar will be sensitive to global developments.
Earlier: The Canadian Dollar recorded gains against the British Pound, Euro and US Dollar after the Canadian property market posted better than expected figures.
Housing Starts rose by 187.3K in January after December’s 179.6K increase. However, it was noted that the Calgary area showed a decline in starts. Industry expert Felicia Mutheardy commented: ‘The trend in total housing starts in Calgary continued to decrease in January. Rising supply in the existing home market, along with moderating employment gains and slower migration in-flows, has contributed to the decline in production.’
A quick foreign exchange market summary before we bring you the rest of the report.
