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The Canadian Dollar (CAD) could not take advantage of positive economic data on Thursday and fell against major currencies, amid a decline in oil prices and as many investors are seemingly leaning towards safe havens.
The CAD is down by 0.50% against the British Pound (GBP), with the GBP/CAD pair trading at 1.71311 as of 5:10 p.m. (GMT).
The JPY/CAD is also up by 0.46%, while the USD/CAD is up by 0.44%, with the US Dollar supported by positive economic data.
Earlier today, data showed that housing starts in Canada increased by 212,000 over the past month, passing the 200K mark for the first time in four months.
Oil prices fell earlier today by as much as roughly 3%, due to concerns regarding demand in the US amid the COVID-19 crisis, which also prompted the losses of the Canadian currency.
NYMEX futures are currently down by 2.6%, trading below $40 per barrel, while Brent futures are trading at $42.43, falling by about 2%.
The CAD is also down by 0.31% against the Swiss Franc and 0.28% against the New Zealand Dollar.
