«Given that the decline in home
prices had so
much to do with the de-leveraging that was taking place on the consumer side,» a recent 10 % rise in the housing market «is a key reason for
optimism about growth improving,» Marple said.
In the Canadian dollar's defense, there is still modest scope for
optimism: Energy
prices have room to potentially nudge higher (although
much of the good news is already in the oil
price), fears of a border adjustment tax have faded alongside expectations for broad - based tax reform, and net speculative positioning in the Canadian dollar is already particularly bearish (see the chart below).