Highlights of Canada building permits for August
- prior month revised to -1.5% versus -0.1%
- residential permits fell -4.4% in August, with single-family permits down -5.2% and multiple permits down -3.8%
- nonresidential permits rose 8.8%, with industrial permits -5.9%, commercial permits +8.9%, and institutional permits +25.8%
- total number of dwellings declined -7.9%
- the value of building permits is up 4.3% year on year versus August
The data can be very volatile.
The USDCAD has moved a bit higher in reaction to the sharp fall in the prior month's revision. The USDCAD has moved to new session highs at 1.2974. The pair is above the 100 hour MA at 1.29465 giving a more bullish bias technically.
