The Canadian dollar dropped against its major rivals in European deals on Thursday, after the nation’s new housing price index came in well below expectations in March.
Data from Statistics Canada showed that Canada’s new housing price index was flat in March, after rising 0.2 percent in February. Economists were expecting an increase of 0.1 percent.
The loonie declined to 99.50 against the yen and 1.1969 against the greenback, from an early high of 99.90 and a multi-month high of 1.1919, respectively.
The loonie fell back to 0.9701 against the aussie, heading to pierce early 1-1/2-month low of 0.9746.
The loonie was hovering around an early weekly low of 1.3672 against the euro, compared to yesterday’s closing value of 1.3563.
The loonie may possibly challenge support around 98.00 against the yen, 1.22 against the greenback, 1.38 against the euro and 0.975 against the aussie.
The material has been provided by InstaForex Company – www.instaforex.com