The Canadian dollar extended decline against its major rivals in European deals on Wednesday, as data showed that nation’s building permits fell more-than-forecast in May.
Data from Statistics Canada showed that the total value of building permits fell 14.5 percent to C$6.7 billion in May, compared to a revised 12.1 percent in April. Economists were forecasting a decline of 5.0 percent.
The loonie fell to near a 3-month low of 95.06 against the yen, while hitting 1.4089 against the euro, its lowest since June 5.
The loonie edged down to 1.2767 against the greenback and 0.9472 against the aussie, off early high of 1.2688 and a 9-day high of 0.9404, respectively.
The loonie may possibly challenge support around 1.28 against the greenback, 94.00 against the yen, 1.416 against the euro and 0.95 against the aussie.
The material has been provided by InstaForex Company – www.instaforex.com