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Canadian building permits drop unexpectedly in January

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Forex Pros - The number of new building permits issued in Canada dropped unexpectedly in January, official data showed on Monday.

In a report, Statistic Canada said the number of new building permits issued fell by a seasonally adjusted 5.1% in January, after rising by 2.6% in December, whose figure was revised up from 2.4%.

Analysts expected the number of new building permits issued to rise by 3.3% in January.

According to the data, lower construction intentions, particularly for the residential sector in Ontario and the non-residential sector in Alberta and British Columbia, were behind the decline.

Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.25% to hit 0.9710.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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