Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Loonie drifts lower, greenback strengthens on better than expected housing data

A loonie is pictured in North Vancouver Dec.31, 2013. THE CANADIAN PRESS/Jonathan Hayward

Enlarge Image

A loonie is pictured in North Vancouver Dec.31, 2013. THE CANADIAN PRESS/Jonathan Hayward

TORONTO - The Canadian dollar closed sharply lower Wednesday amid positive U.S. housing data.

The currency dropped 0.34 of a cent to 89.86 cents US.

The U.S. dollar strengthened further mid-morning amid data showing that sales of new homes rebounded in January to the fastest pace in more than five years. The Commerce Department said sales of new homes increased 9.6 per cent last month to a seasonally adjusted annual rate of 468,000.

That came as a surprise to economists who had been forecasting a sales drop in January of around four per cent, due to winter storms in many parts of the country.

The dollar also strengthened ahead of remarks Thursday from Federal Reserve chair Janet Yellen, whose appearance in front of the Senate's Banking Committee was delayed earlier this month due to a winter storm.

Traders also looked ahead to other key data coming out over the next few days.

In Canada, the current account balance for the fourth quarter will be released on Thursday, while the latest gross domestic product figures will be out on Friday.

Beyond that, traders are also awaiting next week's interest rate announcement from the Bank of Canada and Canadian and U.S. jobs data.

Commodity prices were mixed with the April crude contract in New York up 76 cents to US$102.59 a barrel.

March copper was down one cent at US$3.25 a pound while April bullion fell $14.70 to US$1,328 an ounce.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates