Canadian housing starts unexpectedly surged in April, in another sign of recovery for the nation’s battered real estate market. The report is in line with other recent data that suggests the nation’s housing sector is stabilizing from a recent slump, easing concerns that some of the country’s more expensive markets like Toronto and Vancouver were poised for a major correction. The Bank of Canada’s recent comment that it believes that Canada’s real estate market is “normalizing” and it expects housing to return to growth alter this year.
The Canadian dollar is unchanged to the USD, along with the better housing starts and oil up 1% allows the currency to stay in a narrow range again.
Currently Close Range
USDCAD 1.3470 1.3474 1.3445-1.3487
EURCAD 1.5084 1.5078 1.5063-1.5184
GBPCAD 1.7522 1.7616 1.7485-1.7618
CA: Housing Starts April 192K 235K
US: Petroleum Status Report wk5/3
Crude Oil Inventories 9.9M Brls -4.0M Brls
Gasoline 0.9M Brls -0.6M Brls