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Fundamental Forex Analysis

Building Permits rose 7.4% in December vs. 0.6% expected

  • Building Permits in Canada rose more than expected in December. 
  • USD/CAD posts small daily gains above 1.33 after data.

Building Permits issued by Canadian municipalities increased by 7.4% to $8.7 billion in December, the data published by Statistics Canada showed on Monday. This reading followed November’s 3.5% decline (revised from -2.4%) and came in better than the market expectation of +0.6%.

“The total value of permits for single-family dwellings decreased 3.2% to $2.2 billion, with the largest decline in Ontario (-$76 million),” the publication read.

USD/CAD reaction

The USD/CAD edged higher with the initial reaction to the data and was last seen trading at 1.3315, adding 0.03% on a daily basis.

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