CANADA FX DEBT-Canadian dollar drops to lowest since 2004

Mon Mar 9, 2009 9:09am EDT
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TORONTO, March 9 (Reuters) - The Canadian dollar fell to its lowest level since September 2004 versus the U.S. dollar on Monday after data showed a sharper-than-expected decline in domestic new home construction.

The Canadian currency fell to C$1.3044 to the U.S. dollar, or 76.66 U.S. cents, down from C$1.2865 to the U.S. dollar, or 77.73 U.S. cents, at Friday's close.

Canadian housing starts fell 12.3 percent in February to a seasonally adjusted annualized rate of 134,600 units from 153,500 in January. Analysts had called for an average of 145,000 starts. [ID:nN09444629] (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)