Canadian building permits
- Prior was -7.3% (revised to -7.7%)
- Value at $9.8 billion
- Residential -6.6%
- Non-residential +0.7%
- Multi-family -8.3%
I wouldn’t take too much of a signal from January building data in Canada but I would be somewhat concerned, especially given where interest rates are. The spring housing market in Canada will be pivotal.
The Canadian dollar is slumping to close out the week with USD/CAD up 16 pips to 1.3610 after touching 1.3556 earlier. Oil prices down 0.8% could be weighing.
This article was originally published by Forexlive.com. Read the original article here.