Canadian Dollar Continues to Fall

The biggest loser yesterday vs. the dollar was the Loonie, falling .45% after October housing starts missed expectations at 183k vs. (E) 200k.  Like Australia and the UK, the Canadian housing market is viewed as a potential risk to the economy, as prices remain high and risk of a downward move remains.  That number yesterday didn’t imply the housing market there is declining, but the Loonie is already under pressure vs. the dollar and between that housing starts miss, and dropping gold/oil prices, there wasn’t a lot to hold it up, as the Loonie closed at more than a 5 year low.

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