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CAD Little Changed As Canada Existing Home Sales Remain Steady in July

CAD Little Changed As Canada Existing Home Sales Remain Steady in July

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canada existing home sales flat in July] > [Housing market moderating as tighter lending conditions come into effect] > [USDCAD little changed]

Canadian existing home sales remained flat in July, adding to signs that Canada’s real estate boom is starting to moderate. According to the Canadian Real Estate Association, home sales activity was little changed in July from a month ago, while actual sales, not seasonally adjusted, had risen by 3.3 percent from a year earlier. The national average home price fell 2.0 percent in July on a year-on-year basis.

In June, the Canadian government moved to tighten conditions for both homebuyers and mortgage lenders in a bid to deflate a possible housing bubble before it bursts. Today’s data suggests that the pace of housing starts is beginning to moderate as the tighter lending conditions come into effect.

USDCAD 1-minute Chart: August 15, 2012

CAD_Little_Changed_As_Canada_Existing_Home_Sales_Remain_Steady_in_July_body_Picture_1.png, CAD Little Changed As Canada Existing Home Sales Remain Steady in July

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The Canadian dollar remained little changed against the U.S. dollar in the minutes following the release of the housing data. At the time this report was written, the USDCAD pair was trading around C$0.9908.

--- Written by Tzu-Wen Chen, DailyFX Research

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