CANADIAN DOLLAR IN A HOLDING PATTERN AS MARKETS AWAIT MEANINGFUL DATA

• Canadian Dollar treads lightly amidst quiet Monday markets.
• Canada Housing Starts rise faster than expected in May, but sales and prices are down.
• US NY Empire Manufacturing recovered, but Tuesday’s Retail Sales loom ahead.

The Canadian Dollar (CAD) is trading tightly on Monday, with gains and losses mixed across the board and within a quarter of a percent against most of its major currency peers. Canadian Housing Starts came in better than expected, but prices and activity remain lower in May. US manufacturing figures improved more than expected but still remain in contraction territory.

Canada saw Housing Starts rise more than expected for the year ending in May, but according to the Canadian Real Estate Association (CREA), both housing prices and buying activity declined in May. The US New York Empire Manufacturing Index rose faster than expected in June but still remains mired in contraction territory. Markets will shift into wait-and-see mode as investors look out for US Retail Sales figures due on Tuesday.