| Housing Starts |
184K |
176K |
178K |
| Building Permits m/m |
1.7% |
3.7% |
1.8% |
| NHPI m/m |
0.2% |
0.1% |
0.1% |
For Canada we have even less economic data than on Australia. Housing starts surprised the market with a number of 184K, but building permits were 2% under the estimates. The Canadian dollar was bought mainly on a higher risk appetite from the investors.
Next week will be much more interesting. Manufacturing sales are expected to rise at 0.6%, the CPI to be 0.2% and the overnight rate to be kept at 1.00%. BOC Monetary Policy and Rate Statement are scheduled for Wednesday.
The Canadian dollar continued his appreciation in front of the US dollar. USDCAD dropped 0.47% but couldn’t close under 1.01 level. The price remained between the limits of the beginning of the month 1.01.1.0235. Only a breakout could give us the next direction.
Wrap Up 8-12 April USDCAD Down 0.47% by Razvan Mihai
