The agency Statistics Canada yesterday published a report on Canadian building permits which revealed a sharp monthly downturn in the approval rating for the construction of new buildings. The data is also suggestive of a decline in applications for the start of new residential construction.
Either way, this data supports the notion that consumer sentiment and investor appetite are on the decline even in relatively healthier economies like Canada’s. Sluggish growth in oil prices could also be relevant to the CAD’s recent stagnation. However, Canada’s bullish Ivey PMI data could also explain the Loonie’s sideways movement.
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