CMHC Housing Starts comes in at 238.971K against 259.178K consensus

Canada Mortgage and Housing Corporation, CMHC, Housing Starts for July 2026 were reported at 238.971K. This figure came in below the consensus expectation of 259.178K. The actual print also represented a decline from the previous month’s 261.377K. The surprise against consensus was -7.8%.

Following the release, the Canadian dollar showed a mixed and relatively muted reaction across major pairs. USDCAD traded down 0.9 pips both 5 and 15 minutes after the release. EURCAD was down 1.8 pips after 15 minutes, while GBPCAD was down 5.0 pips over the same period. CADCHF saw a gain of 1.0 pips after 15 minutes. AUDCAD was down 3.0 pips after 15 minutes, and NZDCAD was up 1.5 pips. CADJPY saw a minor gain of 0.3 pips after 15 minutes. These initial movements are generally small when compared to the typical 1-hour median moves for these pairs, which range from 5 pips for CADCHF to 14 pips for GBPCAD after past releases.