Housing Starts in Canada fell to 154,000. Early predictions were at 165,000, which was already lower than last month’s 172,000. This low figure made the Canadian dollar shake, but now it’s stable against the US dollar. USD/CAD is now trading at 1.2280.
Last week, employment data in Canada was very bad. It sent USD/CAD very high, above 1.25. This was reversed as the bad NFP in the US, and Obama’s plans began looming over the greenback.
But now, the Canadian dollar got another blow, this time from Housing Starts. During the day, it was trading between 1.22 to 1.23, in anticipation of this figure.
Another factor that usually has impact on the loonie is oil prices. Currently, they are stable, a little over $40 a barrel. The next event to watch for the loonie in particular is a speech by BOC Governor Carney that is due tomorrow at 14:00 GMT.
Get the 5 most predictable currency pairs