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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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
