Canada Housing Starts Weaker than Expected; Usd/Cad Higher
Canada housing starts for February have just been released showing a 12.3% m/m drop to 134.6k. The data is weaker than the 148.5k forecast and confirms recent Bank of Canada official comments warning of a sever downturn within the economy. Usd/Cad has been rallying since the release with the pair trading from 1.2925 to 1.2955 thus far. Next key resistance comes in by 1.3020, the 2008 multi-year highs from October 28.