The USD/CAD exchange rate rose slightly after the report on the Canadian housing market was published. The Greenback gained against the Canadian Dollar 4 base points to proceed with a temporary decline, touching the session's lows in the 1.2480 area, though the currency pair returned to pre-data levels by the end of Tuesday.
Statistics Canada revealed that the country's building permits dropped 5.5% over the course of September, missing forecasts for a smaller decline of 0.9%. Separate report for September showed that housing starts trend fell less than anticipated, but still remained at the strong level exceeding demographic needs. However, figures indicated possible moderation in residential construction in the Q4 of this year.
| Historical Data Table: Canadian Building Permits m/m | |||||
| Date | 07.06.2017 | 06.07.2017 | 09.08.2017 | 07.09.2017 | 10.10.2017 |
| Actual | -0.20% | 8.90% | 2.50% | -3.50% | -5.50% |
| Forecast | 2.40% | 2.50% | -1.80% | -1.50% | -0.90% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| AUD/CAD | 0.9729 | 0.97258 | -0.03% | ||
| CAD/CHF | 0.78153 | 0.78127 | -0.03% | ||
| EUR/CAD | 1.47421 | 1.47412 | -0.01% | ||
| USD/CAD | 1.25028 | 1.25063 | 0.03% | ||