Forex Pros - Canadian housing starts rose more-than-expected in February, industry data showed on Tuesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 182K units in February, compared to 171K units in January, whose figure was revised down from 170K.
Economists had expected housing starts to rise to 175K in February.
Commenting on the report, chief economist at CMHC's Market Analysis Centre Bob Dugan said, "Housing starts moved higher in February because of increases in Ontario and the Prairies. The bulk of this increase was felt in the multiples segment. From last month, multi-family starts were up in Saskatchewan and in Toronto."
Following the release of the data, the Canadian dollar was slightly lower against its U.S. counterpart, with USD/CAD easing down 0.02% to hit 0.9733.
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