Daily Currency Update

Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools

Housing Starts and Building Permits Print better than Consensus

CAD - Canadian Dollar

Canadian September Housing Starts slowed in comparison to August but were still better than expectations. September start printed at 221k while in August we had a figure of 226K, however, economists on average were expecting a 214k print. Building Permits as well signaled strong demographics within the construction industry being created across Canada. Permits for September posted 6.1 percent while previous was 3 percent.
The US dollar gained today as American browser sold off with risk aversion at the focal point due to the likely hood of a U.S./China Trade agreement diminishing in the early hours of trading. Risk-off is coming from news that the White House administration added twenty-eight Chinese entities to an export blacklist because of China's repression of Muslim minorities, this would bar these companies from buying U.S. components without governmental approval.

Key Movers

EUR/CAD is down at 1.4600 as a slump in German factory orders for the month of August has increased some concerns of a recession. German Factory Orders fell 0.6 percent which was twice as much as forecasted.

Over in the UK, BRC Retail Sales reported a drop of 1.3 percent in sales in September over the same period last year which sets a new record low for that month. Several major retailers have reported that Brexit uncertainty has affected their customers with confidence low. GBP/CAD currently trading at 1.6289.

Expected Ranges

CAD/USD: 1.3288 - 1.3336 ▲

EUR/CAD: 1.4586 - 1.4647 ▼

GBP/CAD: 1.6236 - 1.6366 ▼

AUD/CAD: 0.8960 - 0.8986 ▲

NZD/CAD: 0.8365 - 0.8422 ▲