Canadian Dollar Advances Further Against Majors
The Canadian dollar advanced further against major opponents in New York late morning trading on Thursday. The loonie climbed to new multi-day highs against the US dollar and the euro.
According to data released by Statistics Canada today morning, the New Housing Price Index rose 0.3 percent in April, following no change in March. Prices have been consistently rising since bottoming out in the wake of the 2008 global financial crisis.
On a monthly basis new home prices rose 0.6 percent in Toronto amid competitive pricing conditions. On the flip side, prices fell on the coasts, notably in Victoria, BC and the maritime cities Saint John, Fredericton and Moncton.
In an another report, Canada’s trade deficit doubled in April as a significant decline in exports outpaced falling imports. The nation’s merchandise exports decreased 1.9 percent in April, following a 4.8 percent gain in March, Statistics Canada said.
Exports decreased to C$36.3 billion in April, on modest declines in prices and volumes. The decrease in volume was led by the machinery and equipment sector.
The loonie is currently trading near an 8-day high of 0.9732 against the US dollar and a 6-day high of 1.4145 versus the euro, which may be compared to Wednesday’s closing value of 0.9795 and 1.4285, respectively.
Against its Japanese counterpart, the Canadian currency also showed strength in today’s morning deals. At 11:55 am ET, the loonie climbed to 82.33 versus the ye from previous session’s low of 81.59.
