Canada’s housing starts likely to have dropped modestly in October

Canada’s housing starts are likely to have declined modestly in October. According to a TD Economics research report, housing starts in Canada are expected to have declined to an annualized 215k from 217k in September.

The single and multi-unit starts are running above their six-month trend and residential construction still has not reacted to the deceleration in the wider resale market, though signs of stabilization have been seen in the past couple months. Moreover, warmer weather in September has provided way to additional seasonal temperatures, which would act as a headwind to construction at the margin, added TD Economics.

At 18:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was bullish at 98.8047, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at -35.2299. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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