The Canadian dollar fell to an all time low since 2004 yesterday as it reached 76.53 cents on the US dollar. This represents the lowest rate since September of 2004 which was prompted by a sharper then expected decline in new home construction in Canada.
The drop in the Canadian dollar came promptly after a report came out stating that Canadian housing starts fell 12.3% in February to a seasonally adjusted annualized rate of 134,600 units from 153,000 in January.
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