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.