According to the official report published by Statistics Canada, the country's official statistical agency, the local housing prices are still going up. January’s biggest price growth was seen in Vancouver and Toronto. At the same time, the prices on new residential property grew by 0.1% over the reporting period as opposed to December 2015. It is also interesting to note that the actually figures turned out to be 0.2% below expectations.
As for the same figures seen in January 2015, the housing prices increased by 1.8% over the past 12 months. This time, the actual figures perfectly matched the forecast. It should be noted that the report takes into account the prices on residential property for 1 and 2 families as well as apartment houses.
The biggest influence was caused by the residential property in Vancouver. The thing is that the local housing prices increased by 0.4% over the same reporting period. Over the past 12 months, the prices increased by as much as 3.1%. The Great Toronto area happened to be the record holder in terms of the price growth in January 2016. The local housing prices boosted by 4.4% in 12 months.
FOREX
In the meantime, Masterforex-V Academy experts report that the Canadian Dollar feels like continuing its strengthening against the U.S. Dollar, which means that USDCAD is still trading within the scope of the same long-term downtrend. To be more specific, the currency pair is forming wave 3/C of level Daily3 inside the downtrend, the experts say.
A break below 1.3230 will continue the current bearish wave. The closest levels of support can be found at 1.3036 and the bottom of the ascending MF sloping channel.
At the same time, a break above MF pivot 1.3445 and the top of the descending MF sloping channel will indicate the end of the current move.
