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US New Home Sales Rose to 417K; USDCAD Mixed

US New Home Sales Rose to 417K; USDCAD Mixed

Renee Mu, Currency Analyst

THE TAKEAWAY: [US New Home Sales climbed in March to 417,000 ] > [Housing is moving up on stronger demand] > [USDCAD Neutral]

Sales of new homes in US rose in March, indicating that the recovery in housing market will be sustained. According to a report released by the Commerce Department today, the sales climbed 1.5 percent to 417,000 following a revised decline of 7.6 percent in previous month. The consensus forecast of economist in a survey polled by Bloomberg News had called for an increase of 1.1 percent to 416,000.

A shortage of existing properties available for sale is encouraging builders to undertake new projects. Yesterday, National Association of Realtors reported an unexpected decline in existing home sales indicating a lack of supply. In addition, mortgage rates close to record lows and higher home values are helping to boost the housing market. As builders are responding to make more homes available, increased demand in real estate sector will help fuel stronger economic growth.

USDCAD 1-minute Chart: April 23, 2013

US_New_Home_Sales_Rose_to_417K_USDJPY_Mixed_body_Picture_1.png, US New Home Sales Rose to 417K; USDCAD Mixed

Chart created using Marketscope 2.0– Prepared by Renee Mu

Even though New Home Sales rose in March and exceeded forecast, the downwardly revised gauge in previous month dampened the strength of the dollar. In the minute following the report release, the US dollar changed little against its Canadian counterparty. At the time of this report was written, the USDCAD was trading at C$1.0256.

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--- Written by Renee Mu DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.