FXstreet.com (Barcelona) - Canadian building permits fell by 4.6% for November compared to an 18% growth seen the previous month. The market had expected a more modest decline of around 2.6%, and the larger drop has caused the Canadian dollar to fall versus its southern neighbor.
The Canadian dollar has dropped after the decline on building permits in November, and the USD/CAD has bounced from 1.0260 to 1.0295. At the moment of writing, the pair remains trading within the session''s consolidating channel, between 1.0250 and 1.0300.
According to the monthly report issued by Canada's national statistics office, the decline in November was due to decreases in the non-residential sector, which outweighed increases in the residential sector.