By Commodity News Service Canada
Winnipeg, February 6 – The Canadian dollar was lower against its American counterpart at midday Friday, as new housing data suggested the collapse in oil prices could damage the housing market.
The loonie was at US$0.7991 or US$1 = C$1.2514 at 11:50 CST Friday morning.
The Canada Mortgage and Housing Corporation said the 50 percent plunge in values since last year will only be partially supported by the lower Canadian dollar and low interest rates. Housing starts are forecast to fall by one percent in 2015.
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New data says Canada created more than 35,000 jobs in January, however many of them were part-time. The US Labor Department says 257,000 jobs were created in the US pushing the jobless rate up to 5.7 percent from 5.6 percent.
Greece is expected to send its finance officials to a special meeting on Wednesday to discuss its debt situation with its partners.
On the commodity markets the March copper contract dipped a penny to US$2.58 a pound. The March crude contract in New York was up US$1.17 at US$51.65 a barrel. The April gold contract plunged US$30.00 to US$1,232.70 an ounce.
At 11:50 CST Friday morning, the Toronto Stock Exchange was up 24.40 points to 15,149.32.
