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Old 06-10-2013, 04:28 PM
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Default Canadian Dollar Rises as Housing Increases More Than Forecast

By Ari Altstedter - Jun 10, 2013 10:27 AM ET
The Canadian dollar rose against the majority of its most traded peers as a report showed new home construction increased more than forecast in May, adding to evidence the housing market is regaining momentum.
The currency was little changed against its U.S. counterpart after its biggest gain in a year and a half versus its U.S. peer last week as a surge of hiring in construction led to Canada posting its biggest jobs gain in a decade in May. Canadian housing starts were 200,178 units at a seasonally adjusted annual pace in May, according to the Ottawa-based Canada Mortgage & Housing Corp.
“We’ll probably bounce around in a bit of a range here on a fairly light data week,” said Matthew Perrier, director of foreign exchange at Bank of Montreal, by phone from Toronto.“One strong number doesn’t turn the tide, but we’ll see if it’s a trend that starts to materialize in which case I think the calls for a 90 cent Canadian dollar start to get pared back rather quickly, but I think we need a few more data points before making that assumption.”
The loonie, as the Canadian dollar is known, fell 0.1 percent to C$1.0206 per U.S. dollar at 10:21 a.m. in Toronto. One loonie buys 97.98 U.S. cents.
Economists forecast a reading of 179,100 housing starts, according to the median of 18 responses to a Bloomberg News survey.
To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
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