The value of the monetary unit of Canada pushed higher against its southerly rival on Thursday, driven by stronger economic data released in North America, according to Reuters.
Both Canada and the U.S. saw stronger exports during the month of September as Canada's trade deficit surprisingly shrank. But gains for the monetary unit were minimal due to housing starts dropping last month.
"The currency doesn't want to garner any kind of support from what ordinarily would be a positive report. The backdrop of commodities is kind of neutral. It's just one of those days where there's not a lot of sense of direction right now," senior economist Michael Gregory with BMO Capital Markets told the news source.
The housing data issued by the Canada Mortgage and Housing Corporation indicated both single and multiple starts in urban regions of the nation slowed, underscoring increasing concerns about the country's housing market.
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