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USD/CAD: Canadian Building Permits

The Canadian Dollar was little changed against the Greenback, following the property market data on Wednesday. USD/CAD was trading slightly higher after the report, fluctuating in the 1.2550-1.2570 range.

The value of Canada’s building permits increased more than anticipated in December, supported by intentions to build single-family houses in Ontario, which managed to cool the market of Toronto earlier in 2017, Statistics Canada revealed. Building permits rose seasonally-adjusted 4.8% in December, topping expectations for a 2% gain, while November’s decline was revised slightly higher. The main contributor to the increase were residential permits, which grew 8% in the reported period, while non-residential permits fell 0.6%.

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