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Canadian Building Permits dropped by 6.5%, deeper than 2.9% initially expected. Also last month’s huge rise was slightly revised to  the  downside – 14.9% instead of 15.3%. This is a significant sign of slowdown in Canada and it sends USD/CAD further off parity.

USD/CAD now trades at 1.0077, just above the minor 1.0070 line. The next resistance line is 1.0270.

The Ivey PMI is due later in Canada.

This is a busy week in Canada. See the cadusd forecast for technical analysis and the upcoming events.