Newspaper article The Canadian Press

Canadian Dollar Declines amid Solid Housing Data, Falling Oil Prices

Newspaper article The Canadian Press

Canadian Dollar Declines amid Solid Housing Data, Falling Oil Prices

Article excerpt

Loonie declines amid tumbling oil prices

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TORONTO - The Canadian dollar closed lower Monday amid tumbling oil prices and data showing continued strength in the housing sector.

The loonie fell 0.38 of a cent to 87.09 cents US as Statistics Canada reported the total value of building permits was $7.5 billion in October, edging up 0.7 per cent from September. The increase came mainly from an increase in construction plans in British Columbia, Alberta and Saskatchewan.

And Canada Mortgage and Housing Corp. reported housing starts increased at an annualized rate of 195,620 units in November, up from 183,659 in October, led by multiple urban starts. Single-detached urban starts decreased to 63,760 units.

Meanwhile, prices for oil retreated in the wake of weak Chinese trade data and a bearish price forecast.

China's exports rose by a weaker-than-expected 4.7 per cent, down from October's 10.6 per cent. Imports were forecast to post a small increase but instead contracted by 6. …

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