Canadian Dollar Continues Declining
August 11, 2008
Canadian housing starts tumbled in July to 186.5k against analyst expectations at 215.9k. The monthly weakness was attributed to a slowdown in multi-family units, primarily in Ontario. However, with June building permits having declined 5.3% from May, it came as little surprise that housing starts for July failed to meet market expectations. After the release the Canadian dollar was virtually unchanged trading at 1.0685 against the US Dollar.