A stronger-than-anticipated drop in Canadian building permits contributed to further decline in the USD/CAD exchange rate..The Greenback weakened against the Canadian Dollar by 0.020% to continue trading lower in the 1.216-1.218 area.
Statistic Canada released its monthly report showing the value of building permits within the country dropped 3.5% in July, exceeding expectations for a modest 1.5% decline. The fall was sparked by fewer intentions for commercial projects, while residential construction decreased for the first time in the three-month period. The latest figures suggested that construction activity is likely to soften in the following months, as almost all categories marked a decline in the reported period.
| Historical Data Table: Building Permits m/m | |||||
| Date | 09.05.2017 | 07.06.2017 | 06.07.2017 | 09.08.2017 | 07.09.2017 |
| Actual | -5.80% | -0.20% | 8.90% | 2.50% | -3.50% |
| Forecast | 4.20% | 2.40% | 2.50% | -1.80% | -1.50% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| AUD/CAD | 0.9768 | 0.97716 | 0.04% | ||
| CAD/CHF | 0.78314 | 0.78331 | 0.02% | ||
| EUR/CAD | 1.45837 | 1.46031 | 0.13% | ||
| USD/CAD | 1.21824 | 1.2158 | -0.20% | ||