Loonie falls despite strong data

Economies.com
2019-10-08 16:08PM UTC

The Canadian dollar fell against greenback today as oil prices came under pressure, shrugging off strong economic data.

 

The Canadian economy revealed today that building permits increased by 6.2% in Sept, higher than forecasts of 2.3%, and the housing starts

rose by 221k units.

 

In the oil market, WTI fell by 0.8% to $52.2 a barrel as of 16:51 GMT, with a session-high of $53.2 and a low of $51.8.

 

Brent fell by 0.7% to $57.9 a barrel, with a high of $58.9 and a low of $57.3.

 

Ahead of the upcoming round of the US-China trade talks launch, with the situation worsening after the US has blacklisted several Chinese tech companies today.

 

By 16:07 GMT, CAD/USD fell by 0.2% to 0.75, with an intraday high of 0.753 and a low of 0.7494.

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