Canada: Building Permits declined by 1.5% in October vs. +2.9% expected

Building Permits in Canada declined unexpectedly in October.
USD/CAD pair continues to move sideways in daily range despite uninspiring data.

Eren Sengezer FXStreet

The total value of Building Permits issued by Canadian municipalities declined by 1.5% to $8.3 billion on a monthly basis in October and fell short of the market expectation for an increase of 2.9%, the data published by Statistics Canada showed on Monday. Additionally, other data revealed that Housing Starts came in at 201,300 on a yearly basis in November to miss analysts' forecast of 205,000.

The disappointing data was largely ignored by the market participants and the USD/CAD pair was last seen trading at 1.3255, where it was virtually unchanged on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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