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Canadian Dollar Hits Five-Year Low Following Soft Data and Weaker Stocks
The Canadian dollar continues to lose ground and is trading at five-year lows against the U.S. dollar as domestic data remains weak and North American equities lose more ground.The sell-off in the Canadian dollar started following a weaker-than-expected Canadian housing starts report. The pace of new housing starts in Canada fell for the sixth straight month, posting a 12.3% monthly slowdown and a nearly 46% drop from a year ago, the Canada Mortgage and Housing Corporation (CMHC)
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Canadian Dollar Shrugs off Negative Market Sentiment
According to some market strategists, some Canadian dollar buying in London is helping to boost the Canadian dollar against the greenback, Monday morning.The Canadian dollar is the second best performer against the U.S. dollar, but it is unlikely the loonie is benefiting from risk aversion sentiment, some strategists say. They pointed out that as soon as the short term flow is finished, the Canadian dollar could weaken significantly.USD/CAD traded higher overnight but hit its high during the
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US Dollar Canadian Dollar (USD CAD) analysis
Forex trading. USD/CAD (US Dollar Canadian Dollar) technical analysis
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