The Canadian dollar depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.2000 figure and was supported around the C$ 1.1870 level. Data released in Canada today saw November new housing prices fall 0.3% m/m and up 0.7% y/y, a decade low. The Canadian media reported the federal government may run up a C$ 40 billion budget deficit this year to counter the impact of the recession. U.S. dollar offers are cited around the C$ 1.2210 level.
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