USD/CAD: Canadian Housing Starts

The USD/CAD exchange rate rose modestly, as the Canadian property market revealed positive results for the month of August. The Greenback appreciated against the Canadian Dollar by 12 base points to the 1.2118 mark and continued climbing to touch the daily high of 1.2166.  

The Canada Mortgage and Housing Corporation reported on Monday that the country's housing starts increased surprisingly to the seasonally adjusted yearly rate of 223K in August, following an upwardly revised figure of 221K registered in the prior month and holding above the 200K unit mark for eight months in succession. The surge was driven by higher multiple building construction, which managed to offset a decrease starts of single detached houses.