Canada's housing starts beat the market estimate

Canada's housing starts beat the market estimate at 202.8K for June (est. 190.0K), up from a revised 197.0K in May. That will help the residential investment contribution to Q2 GDP, but does not mean much given the more important disappointments in other sectors. Tonight we get the June employment report where expectations are for some give back after May's large 58.9K increase. 

"We are slightly more optimistic than consensus (RBC: 0K; cons: -10K), although in terms of next week's BoC meeting, we don't think this one report will be enough to push the Bank one way or the other",says RBC Capital Markets.