The early afternoon release of housing data from the Canadian economy gave several investors reason to buy into the Canadian dollar (CAD), known colloquially as the Loonie. Housing reports out of Canada have shown steady increases, with construction levels climbing and prices ascending as well, the time may be ripe for investing in Canadian assets.
This morning's report, released by the Canada Mortgage and Housing Corporation (CMHC), shined light on the 205,000 housing starts in July. Canadians appear to be regaining confidence in the mortgage and housing market, and banks across Canada appear more willing to lend for such investments. So far the impact has been overshadowed by poor data elsewhere, but Canada's currency has weathered the storm rather well despite these overtones.
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