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Canadian dollar falls half a cent as commodity prices weaken
TORONTO – The Canadian dollar fell half a cent on Wednesday morning as commodities-fuelled currencies moved lower.
The loonie dropped 0.54 of a cent to 96.38 cents US before stock markets opened.
The shift lower came as key commodities lost some ground.
December bullion pulled back $5.50 to US$1,277 an ounce, while the September copper contract was off 3.5 cents to US$3.14.
The September crude contract on the New York Mercantile Exchange moved down seven cents to US$105.23 a barrel.
Meanwhile, Statistics Canada says municipalities issued $6.6 billion worth of building permits in June, down 10.3 per cent from May.
The federal agency says it’s the first decrease in six months, and came mainly from the non-residential sector in Quebec and the residential sector in Ontario.
Nationally, residential sector permit values fell 12.9 per cent to $4 billion in June.
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