After last weeks data intensive week, this week is relatively quite. Don't take your eyes of the news feed thou, as the market has been very responsive to news, and smaller reports can provide decent pips while waiting for the big news releases. This monday the only bit of note-worthy news was the Building Starts out of Canada. There was another housing news release that came out high during the NFP and made the USDCAD move down despite the good NFP lending strength to the USD versus other pairs. Here are the numbers:
Monday, November 08, 2010 13:14:12
*(CA) CANADA OCT HOUSING STARTS: 167.9K v 183Ke
- Prior revised lower from 186.4K to 185.0K
The news came out about 1 minute before expected and there was about a 10 pip move up. Perhaps many did not think much of this report and considered that was all they would see on this, however after retracing about 5 pips, the USDCAD continued up for another +25 pips. Can't complain about pips.
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