The Loonie depreciated versus the Greenback, as the weaker-than-expected new home prices report came in. The USD/CAD currency pair rose slightly on the data, but remained in the bearish trend.
New home prices in Canada revealed no change in December for the first time in more than two years, with the annual rate falling to 3.3% from 3.4% in the reported period, Statistics Canada said. Another report showed on Thursday that housing starts in the country fell less than anticipated in January, as new groundbreaking rose on single-detached houses in urban areas. The CMHC reported that a seasonally adjusted yearly rate declined slightly to 216.2K in January, following a downwardly revised 216.3K in December.
