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US Pending Home Sales Rose To Highest Since 2010 ; USD/CAD Mixed

US Pending Home Sales Rose To Highest Since 2010 ; USD/CAD Mixed

Renee Mu, Currency Analyst

THE TAKEAWAY: [US Pending Home Sales climbed in January to the highest level since April 2010 ] > [Signals continuous recovery in housing market] > [USD/CAD Mixed]

The number of signed contracts to purchase previously owned homes in the U.S. increased in January to the highest level since April 2010, indicating that sales of previously occupied homes are picking up. The National Association of Realtors reported today that its pending home sales index, a forward-looking indicator based on contract signings, rose by 4.5 percent, following a 1.9 percent drop in December that was upwardly revised from -4.3 percent initially reported.

The median forecast of economists surveyed by Bloomberg News had projected a 1.9 percent increase in the Index. On a yearly basis, pending home sales jumped10.4 percent in January, beating the expectation for an 8.2 percent increase.

The near-record-low mortgage rates and improving labor market have helped to boost the US housing sector. In addition, demand for new homes and property values are both increasing according to reports released previously. Home builders expand their projects as well, adding more positive signs to the outlook of the US real estate market in 2013.

USD/CAD 1-minute Chart: January 28, 2013

US_Pending_Home_Sales_Rose_To_Highest_Since_2010__USDCAD_Mixed_body_Picture_1.png, US Pending Home Sales Rose To Highest Since 2010 ; USD/CAD Mixed

Chart created using Market Scope – Prepared by Renee Mu

The U.S. dollar weakened against the Canadian currency following data release, as Fed Chairman Bernanke started testimony to House Committee at the same time. Yet the greenback quickly pared its losses after markets corrected. As Bernanke continued his speech on monetary policy, the USDCAD was trading lower to C$1.0253 at the time of this report written.

--- Written by Renee Mu DailyFX Research

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