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Canadian Dollar Weakens Against Peers as Housing Slows

The Canadian dollar reached a 12-week high versus its U.S. counterpart as a surge in metal prices boosted commodities and renewed confidence in global growth.

The currency flirted with parity against the greenback after economic data from China and Germany suggested export demand was recovering. The Canadian currency had weakened earlier in the day following a report that showed new home construction slowed in April.