Canadian Housing Starts were less than estimated, at 211,400 in May, down from the revised 243,800 in April, the Canada Mortgage and Housing Corporation reported. Additionally, the Statistics of Canada released today its Labor Market data, the Unemployment Rate remained at 7.3 per cent, as it was expected. The level of Unemployment in Canada peaked last year in January, reaching 7.6 per cent, before declining to 7.2 per cent in March, it bounced up to 7.3 per cent in April and remained at the same level in May as well.
The Net Change in Employment decreased from 58,200 in April to 7,700 in May. In March and April employment grew significantly, however the job growth slowed in May and for that reason the Unemployment Rate remained unchanged. The USDCAD was little changed following the news since they were in line with projection, it was lastly seen at the level 1.0324.