FRX: Canadian Dollar Weakens on Building Permits Report
The Canadian dollar weakened versus 15 of the most traded currencies on reports showing more-than-expected fall in the building permits and on outlook for slower employment growth. The Canadian building permits fell 9.2 percent in August, in comparison to the 3.8 fall in July. Moreover, the reading was far worse than most pessimistic forecast of a 1.9 percent drop. Additionally, Canadian employers added merely 10,700 jobs during September, much lower than the August increase of 35,800.
USD/CAD spiked to 1.0173 at about 22:14 GMT today after opening at 1.0109. EUR/CAD traded at 1.4162, a rise from the opening level of 1.4085.
