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USD/CAD: Building Permits
Thu, 10 Aug 2017 07:45:30 GMT
Source: Dukascopy Bank SA
A stronger-than-anticipated increase in Canadian building permits had a mixed impact on the USD/CAD exchange rate, as data came in simultaneously with the US preliminary quarterly reports. The Canadian Dollar fell against the US Dollar to touch 1.2686, albeit some minutes later the currency pair started an upmove to reach Wednesday session's highs far above the 1.2708 level. Statistic Canada reported that the value of the country's building permits rose 2.5% in June, beating expectations for a 1.8% decline. The report showed that intentions to build single-family homes fell, while commercial construction plans surged. Moreover, an increase in housing starts confirmed no slowdown in the sector despite government measures to curb prices growth.
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