USD/CAD: 6-Week Range

The Dollar maintained its confident posture overnight, while equities markets were generally slack. Today's housing data, at first glance, appears mildly encouraging. For May, housing starts were up 5% to 1,957,000 (higher than expected), while building permits were off 2.1% to 1,932 (less than expected). With most analysts predicting a slowdown in this crucial sector, today's numbers are in keeping with the slowdown theory, as permits did dip, but they imply that any slowdown may have a more gradual feel to it. The building permits number is 8.5% less than the May 2005 figure. Read More....