Investing.com - The number of new building permits issued in Canada rose much more than expected in April, fuelling optimism over the health of the country's real estate sector, official data showed on Monday.
In a report, Statistic Canada said the number of new building permits issued rose by a seasonally adjusted 11.6% in April, easily surpassing forecasts for a gain of 3.4%.
New building permits issued in March was revised to a gain of 13.6% from a previously reported increase of 11.6%.
The gain in April stemmed from higher construction intentions in both the residential and non-residential sectors in Ontario.
USD/CAD was trading at 1.2406 following the release of the data from around 1.2424 before.
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