This is a supportive report for Bank of Canada's 'modest' rate hike plans -- good growth, but lower imported costs.
More Quotes from Carolyn Kwan:
The strength in this component, which includes apparel and home entertainment goods, bodes well for Christmas retail sales.Carolyn Kwan
It is likely that the level of starts in both months was helped by milder than normal weather (the previous month, for example, was the strongest level of starts since January 1987), though they still represent strong underlying demand.
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The Bank of Canada is more likely to move more than the U. S..
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Commodity currencies are being hit particularly hard but other currencies are holding up well as interest rate expectations for the other two regions are rising.
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The main factor behind the Canadian dollar appreciation is likely the expectation of tomorrow's Bank of Canada statement accompanying the widely expected hike.
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