CAD review: Western Union

Quotes from Western Union:

- The Canadian Dollar traded weaker in early morning trade tracking the fall of 1.4% in crude oil on comments from OPEC Secretary-General that OPEC should not subsidize high cost shale oil producers by cutting production. 

- The much talked about Housing sector in Canada finally showed some signs of easing off as housing starts for February fell sharply lower to 156.3k which was way below market consensus at 180k. This is the lowest number we have seen since July 2009 and could have been impacted by the weather as temperatures average temperature in February in several Canadian cities recording its lowest since 1938. 

- The lower housing starts number could also indicate that home builders are wary of adding to supply with galloping house prices at all-time highs and this could actually keep the supply side weak, which in turn could hold up house prices.