April 8, 2009 / 12:50 PM / 11 years ago

CANADA FX DEBT-C$ rises as housing starts top expectations

 TORONTO, April 8 (Reuters) - The Canadian dollar rose
against the greenback on Wednesday as U.S. stock index futures
steadied and data showed Canadian housing starts rose more than
expected in March.
 Canadian housing starts rose 13.7 percent in March to a
seasonally adjusted rate of 154,700 units from an upwardly
revised 136,100 units in February, Canada Mortgage and Housing
Corp said on Wednesday.
 The number of starts in March beat the consensus
expectations of analysts who foresaw 130,000 starts.
 "We did see the housing starts data come out stronger than
expected. That's had a positive influence on price action,"
said George Davis, chief technical strategist at RBC Capital
 As well, he added U.S. stock index futures have pared
losses or turned positive.
 "That implies lower levels of risk aversion. That tends to
be another positive factor for the Canadian dollar," said
 At 8:34 a.m. (1234 GMT), the currency was at C$1.2312 to
the U.S. dollar, or 81.22 U.S. cents, up from C$1.2378 to the
U.S. dollar, or 80.78 U.S. cents at Tuesday's close.
 Canadian government bond prices were mostly higher across
the curve, tracking U.S. Treasuries as concern about corporate
earnings in the recession fueled demand for safer government
bonds. [ID:nL8408504]
 (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)

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