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Oil falls below $60 USD level, slow Canadian housing starts, weaker Canadian dollar

By MoneyWay | Jan 9, 2020

Oil sank to the lowest level in a month after shedding all of its gains from the U.S.-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the Middle East. Futures in New York declined as much as 1.6% Thursday after losing nearly 5% the day before as President Donald Trump downplayed the impact of missile attacks on American bases in Iraq. That’s allayed concerns that Washington and Tehran were headed for military confrontation. There’s been virtually no impact on the supply of oil to the market.

Canada Mortgage and Housing Corp. says the pace of housing starts slowed in December, mostly because of a decline in multiple-unit projects in urban areas. The housing agency says the seasonally adjusted annual rate of housing starts came in at 197,329 in December, down from 204,320 in November. Analysts on average had expected an annual rate of 210,000 for December, according to financial markets data firm Refinitiv. The six-month moving average of the overall monthly seasonally adjusted rate was 212,160 units in December, down from 219,921 in November.

The Canadian dollar has weakened in tandem with oil prices, however equity markets are still moving higher and therefore commodities should start to pick up as well allowing the CAD to strengthen again.

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