Canada Mortgage and Housing Corp. says the annual pace of housing starts in August slowed compared with July as the rate of new home construction continued to slow from their highs earlier this year. The housing agency says the seasonally adjusted annual rate of housing starts was 260,239 units in August, down from 270,744 in July.
Despite another strong sign of an economy that is growing, U.S. investors have panned this morning’s retail sales, the Delta variant is still overhanging markets and is at the forefront of most investment decisions. Investors want a clear and decisive path in front of them which means that markets will dawdle in the near term.
The Canadian dollar a bit weaker on the lower housing starts, plus markets overall indifference to today’s economic data. Expect a narrow range with a negative bias.
Currently* Close Range
USDCAD 1.2678 1.2633 1.2616-1.2698
EURCAD 1.4915 1.4876 1.4853-1.4937
GBPCAD 1.7475 1.7479 1.7434-1.7494
*Indicative Rates Only