By Commodity News Service Canada
Winnipeg, October 8 – The Canadian dollar was lower Wednesday morning, as weak economic data continued to trickle in from overseas.
The International Monetary Fund cut its estimate for global economic growth this year and next, due to weaker expansions in Japan, Latin America and Europe.
The Canada Mortgage and Housing Corporation reported that housing starts increased in September. The rise was focused in multi-unit dwellings including condominiums.
New data is also expected to be released this week examining Canadian building permits for August and housing starts for September.
On the commodity markets, the November crude oil contract fell $0.50 to US$88.35 a barrel. December copper was little changed at US$3.04 a pound. December bullion rose $4.40 to US$1,216.80 an ounce.
At 8:45 CDT Wednesday, the Canadian dollar was at US$0.8946 or US$=C$1.11178 which compares with Tuesday’s North American close of US $0.8952, or US$=C$1.1171.
The TSX was down 166.67 points Wednesday morning at 8:45 CDT, to sit at 14,576.45.
