On Wednesday 10-08-09 at 8:15 AM ET, the CAD – Housing Starts report was released. This report is released monthly by CMHC – Canada Mortgage and Housing Corporation.
This report has not proved to have much impact on the FOREX currency market in the past, but this months report did move the 4 currency pairs that I monitor.
I did a “preview” of this report on Wednesday, 10-07-09, click here for a review.
I monitored 4 CAD involved currency pairs, CAD/JPY, EUR/CAD, GBP/CAD and USD/CAD – all four made a good showing right from the moment of the report release – they moved in the predicted direction and each could have yielded some good “scalping“ opportunities..
Here is how this report was set up and what the results were:
CAD – Housing Starts stats
Previous = 151K revised = 157K
Forecast = 147K
Actual = 150K
The “actual“ came out 3K more than the “forecast“ and 1k less than the “previous”, and 7K less than the revision of the “previous“.
The “actual”, being better than the “forecast” did cause small movement of CAD involved currency pairs – they moved in favor of the CAD.
Here is how the currency markets acted:
a one minute EUR/CAD chart
This EUR/CAD currency pair moved down about 37 PIPS in 17 minutes.
a one minute GBP/CAD chart
This GBP/CAD currency pair moved down about 24 PIPS in 6 minutes.
a one minute USD/CAD chart
This USD/CAD currency pair moved down about 35 PIPS in 46 minutes.
a one minute CAD/JPYchart
This CAD/JPY currency pair moved up about 29 PIPS in 16 minutes.
I had set up to do a trade on the currency pair USD/CAD, but did not feel confident enough with the report to trade – oh well!
The next time this will be released will be on Thursday, 11-09-09 at 9:15 AM ET.
I will probably write a “preview” a day or two before the release.
Stay tuned!
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