Canada's Housing Start data has medium impact on the strength of the USD/CAD pair. Given the ongoing harsh winter across the entire Canada, even taking basic land survey for future housing development projects is impossible at this time. Therefore, I strongly doubt that the forecast of 211K for Housing Starts in January will be met and the actual figure may be much lower than the forecast. Nonetheless and more importantly, until NAFTA deal isnt finalized and crude oil prices which are down for 1% today do not go back up higher, the CAD$ will be under pressure.
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