USD/CAD has ticked to a fresh one-year low on the release, at 0.9720.

There is some downward pressure on the Canadian housing market but building continues.

Update: sounds like it’s not as strong as expected due to pre-sales in Toronto.

“The increase in housing starts in August was the result of a few, large, multi-unit projects in the Greater Toronto area. This increase is primarily a reflection of the high level of pre-sales in some of these large multi-unit projects in late 2010 and early 2011, which is in line with job gains at that time,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre