Housing flows are likely boosting the Canadian dollar today
Vancouver introduced a 15% surtax on foreign buyers of homes in a surprise move last week. The tax is slated to go into effect on Monday and that makes today the final day to buy a house.
That's added a skew into trading today as, naturally, buyers are rushing to close deals. It's squeezing the market and may continue to do so right into the close.
There is talk of broad Canadian dollar buying flows today despite the continued struggles of oil and weak Canadian GDP.
I think this sets up a great buying opportunity in USD/CAD because the effect will be gone or reversing on Monday.
