Key Data Releases this week
Housing Starts 14.15 Tuesday 8th November
Housing starts are released by the Canadian mortgage and housing corporation. It is a measure of how many of new single family homes and commercial buildings have been constructed. It is a barometer as to the health of the Canadian housing market. It can be considered to be a measure of the Canadian economy as a whole due to the housing starts’ sensitivity to changes in the business cycle.
It will be compared to last years stats and I expect to see a contraction which could weaken the value of the loonie.
Stephen Poloz’s Speech 15.30 Friday 11th November
Stephen Poloz is the governor of the Bank of Canada. During his speech he will discuss the Canadian economic outlook and may give a hint as to possible monetary policy changes. If any indication of policy changes is given expect volatility on the markets. I would expect a dovish tone and not much movement.
Oil is Canada’s main export and as such the currency fluctuates heavily depending on oil pricing. There has been a surplus of late which did little to assist the Canadian dollar. However, Putin recently stated he would be curbing supply which is good news for Canada. If you are trading Canadian Dollar it is important to keep an eye on oil prices as a spike on oil could well correspond with a spike on CAD.
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