Canadian Building Permits Drop - USD/CAD Up

Canadian Building Permits Drop – USD/CAD Up

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.

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. Yohay's Google Profile

View all posts by Yohay Elam