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Canadian Building Permits Fall – USD/CAD Stuck

Canada’s building permits dropped by 5.1%. This is a significant disappointment, as expectations stood on a rise of 1.3%. The fall was only very marginally cushioned by a revised rise of 2.6% last month, slightly higher than a rise of 2.4% that was initially reported.

The building permits figure is very volatile in Canada. Nevertheless, it serves as an important gauge of the economy. So, this fall prevented USD/CAD from falling below the 0.97 line – a very stubborn support line.

For more Canadian events a technical analysis for USD/CAD, see the Canadian dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.