Canadian dollar strengthens on data

The Canadian dollar strengthened Wednesday on data showing the value of building permits issued were up by 0.4 percent in December and that business and government spending was up in January.

By early afternoon in New York, it took $1.0038 to buy a Canadian dollar.

On the other hand, both the euro and the pound were weaker in relation to most major currencies on Wednesday, both on the possibility that their central banks could cut interest rates soon.

Lower consumer confidence in the UK had the US dollar trading at $1.9611 to the pound while the yen stood at ¥209.2199 to the pound, while the dollar traded at $1.4633 to the euro and it took ¥156.1174 to buy a euro.

Meanwhile, the yen traded at ¥13.912 to the South African Rand and at ¥83.868 to the New Zealand dollar as investors sold the yen to buy higher-yielding currencies.

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