Daily Currency Update

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Weak construction data pushes the Loonie lower.

CAD - Canadian Dollar

The Loonie is taking a hit after Canadian building permits decreased for a third straight month in November, as there was a steep drop in intentions to build multi-family residential units. Building permits are used as an advance indicator of construction activity in Canada. At this moment, the USD/CAD pair is rising 0.24 percent, trading at 1.3069 (weaker Loonie), and the Loonie is losing against all major currencies, except for the Kiwi, Pound, and Japanese Yen. Later today, Poloz will hold a ‘Fireside Chat’ with a press conference at 3:15 pm EST. The Loonie could weaken further if Poloz’s commentary has a dovish lilt.

A Reuters poll shows that the Canadian dollar is expected to slip 0.5 percent to the 1.3100 handle in three months versus the 1.3200 forecast in December.

Key Movers

Early this morning on the other side of the pond, in the UK, the outgoing BoE Governor Mark Carney inferred that there might be an impact on rates. The GBP/USD pair falls 0.37 percent towards 1.3040.

Expected Ranges

USD/CAD: 1.3039 - 1.3094 ▲

EUR/CAD: 1.4500 - 1.4551 ▲

GBP/CAD: 1.7022 - 1.7110 ▼

AUD/CAD: 0.8950 - 0.9005 ▲

NZD/CAD: 0.8602 - 0.8651 ▼