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.
More Quotes from Carolyn Kwan:
Everything this week is going to be hinging on the Bank of Canada early on -- there are also some important data points which should be supportive overall -- but the question really is the statement.Carolyn Kwan
Today's number might represent some upside risk to that.
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Every one of them gets to be pretty important when considering the Fed is going to be watching the data ever more closely to figure out where interest rates are going.
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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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The Bank of Canada has talked about the risks to 2007 on the downside. We would see the Canadian dollar weakening.
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