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USDCAD Little Changed Despite Housing Starts Fell

USDCAD Little Changed Despite Housing Starts Fell

2013-05-08 12:43:00
Renee Mu, Currency Analyst

THE TAKEAWAY: [Canada housing starts fell to 174.9K ]> [Home building slows down amid tight conditions] > [USD/CAD Mixed]

Housing starts in Canada dropped in April according to a report released by Canada Mortgage and Housing Corporation today. The reading of housing starts last month came out at 174,900 on a seasonally adjusted annual basis, falling short of 175,000 which was the median forecast of economists surveyed by the Bloomberg News. Meanwhile, the housing figure in March was revised downwardly to 181,100 from 184,000 initially reported. New starts fell 3.5 percent from a year ago, compared with March’s year-on-year increase of 0.4 percent.

Housing increase in rural areas contributed the most to the total loss, down 10.1 percent in April, while the outcome in urban areas declined2.5 percent in the same period. The worse-than-expected housing starts in

Canada may indicate that the country’s real estate market is likely to continue slow down over the next few months with tightened mortgage rules.

USDCAD 1-minute Chart: May 8, 2013

USDCAD_Little_Changed_Despite_Housing_Starts_body_Picture_1.png, USDCAD Little Changed Despite Housing Starts Fell

Chart created using Marketscope 2.0– Prepared by Renee Mu

The Canadian dollar showed a fairly muted reaction to the release, with USDCAD little changed. At the time of this report was written, the USDCAD was trading at $1.0043.

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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.