Canadian Housing Starts indicator climbed by 13.8% in May, reaching an annual value of 200 178 units. Aprils reading was revised up to 175 922 units, while experts projected a more moderate rise to 179 100 units. Housing Starts in cities increased by 14.6%, as multifamily house construction registered a 22.2% rise. Single-family house construction rose by 3% to 62 888 during May. The indicator suggested that construction sector in Canada gained momentum, despite the fact that these results remained below the peak levels, recorded during the summer of 2012.
After the release of this data, Canadian dollar pushed higher versus its major peers. Canadian currency advanced against the US dollar for a third day in a row after its biggest gain in a year and a half versus the greenback on Friday. Official reports said on Friday that Employment Change in Canada showed an increase by 95 000 during May, the largest jobs gain in a decade, far exceeding forecasts for a mere rise by 15 000. Additionally, Unemployment Rate diminished to 7.1% in May from 7.2% in April. Canadian dollar pushed up against its US counterpart, as USD/CAD pair lowered to 1.0181 at 12:17 GMT.
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