The Canadian Dollar Exchange Rate was in the region of 0.9986 against the US Dollar as of 16:25
Despite strong Chinese import/export data boosting global trade prospects the Canadian Dollar continued its downward trend today as volatile Canadian employment data and housing starts figures failed to live up to expectations.
Although the jobless rate shed a modest 0.2, taking it to 7 per cent, economists had predicted a gain of roughly 5,000 jobs in January while there was actually a substantial loss.
Statistics Canada revealed today that the Canadian economy actually lost 21,900 positions during the first month of this year.
December’s figure of 40,000 was also downwardly revised to 31,000.
In a separate report, compiled by Canada Mortgage and Housing Corp, Canadian housing starts were shown to have dropped heavily from December’s revised reading of 197,100. In January housing starts for the nation tumbled to 160,600 – far weaker than the 195,000 forecast by industry experts.
As CIBC World Markets’ senior economist asserted: ‘The sheer scale of the drop points to an acute weakening in the homebuilding sector, consistent with the slowing trend in residential building permits seen in recent reports. Much of the slowdown in January was due to weaker multi-unit starts, with singles also down by a smaller margin.’
This latest news caused the Canadian Dollar to shed nearly half a cent against its American counterpart. The ‘Loonie’ also lost ground against a broadly strengthening Japanese Yen.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro exchange rate is currently trading at 0.7458
The Canadian Dollar to Pound Sterling exchange rate is currently trading at 0.6323
The Canadian Dollar to US Dollar exchange rate is currently trading at 0.9986
The Canadian Dollar to Australian Dollar exchange rate is currently trading at 0.9667
The Canadian Dollar to New Zealand Dollar exchange rate is currently trading at 1.2031
The Canadian Dollar to Emirati Dirham exchange rate is currently trading at 3.6810
The Canadian Dollar to Swiss Franc is currently trading at 0.9154
The Canadian Dollar to Japanese Yen exchange rate is currently trading at 92.6133
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