Tomorrow, Tuesday, 12-08-09 at 8:15 AM ET, the CAD – Housing Starts report will be released. This report is released monthly by CMHC – Canada Mortgage and Housing Corporation.
I wrote a “follow up” post for last months housing starts report, click here for a review.
Last month the “actual” report came out just as “forecast” , which was good for the Canadian economy, and higher then the “previous” by 8K, not enough to trade.
The GBP/CAD and EUR/CAD currency pairs had the best moves, but only after about 16 minutes.
Check out the “follow up” link above for an idea what was going on.
I did not enter a trade last month since I was looking for a greater difference between the “actual” and the “forecast”, I was looking for at least 20K.
Here is what is happening on Tuesday, 12-08-09:
CAD – Housing Starts stats
Previous = 157K
Forecast = 158K
This looks like the CHMC believes that the Canadian housing starts will show a increase this time.
Best be aware – the CAD – BOC Rate Statement is being released at 9:00 AM ET, the traders may wait for this report before trading.
I plan to set up to trade the currency pairs GBP/CAD or EUR/CAD since they did so well last month.
Also, pay attention to your “broker spread” when selecting currency pairs to trade.
I did write a “follow up” post soon after this report is finished, click here to see what happened.
The next time this will be released will be on Friday, 01-08-10 at 8:15 AM ET.
I will probably post a “preview” a day or two prior.
Stay tuned!
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