Canada Building Permits - MoM

Description

Released on a monthly basis by the Statistics Canada, this indicator captures the number of new permits issued for new construction projects. The headline figure is usually expressed as a percentage change over the previous month. Data on building permits are used to gauge the health of the residential real estate market.
Latest Release: 06-03-2015 13:30:00
Next Release: 06-11-2013 13:30:00
Source:Statistics Canada

The Canadian dollar fell to a nearly two-week low on Monday, as last week’s disappointing jobs report overshadowed a surprise surge in July building permits.

The loonie, as the Canadian currency is called, plunged 0.80 percent to 0.9114, erasing early-month gains that resulted from a high-profile corporate merger involving Tim Hortons, as well as a stronger than forecast second quarter GDP report.

The USD/CAD exchange rate advanced 0.88 percent to 1.0976. The pair is testing the 1.0973 resistance after overcoming the 1.0909 and 1.0939 barriers.

The loonie weakened against the euro, as the EUR/CAD advanced 0.44 percent to 1.4155. The pair faces immediate support at 1.4053 and resistance at 1.4141.

The loonie advanced against the British pound, as the prospect of Scottish independence continued to weigh on sentiment. Meanwhile, UK house prices rose at a slower rate than forecast last month. The GBP/CAD declined 0.47 percent to 1.7677. The pair faces immediate support at 1.7710 and resistance at 1.7807.

Canada’s currency was little changed against the Japanese yen, as the CAD/JPY consolidated at 96.55. The pair faces initial support at 96.11 and resistance at 97.08.

The Canadian dollar is still troubled by a disappointing jobs report released on Friday showing overall employment unexpectedly declined last month.

Overall employment in the world’s eleventh largest economy declined 11,000 in August, following a revised gain of...

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