Canadian building permits data for December was released today at 1:30 pm GMT. Report was expected to show a 1.2% month-over-month increase in building permits, following a 3.9% MoM drop reported for November. Actual report showed a massive 14% MoM slump in building permits issued during the final month of 2023.
While the slump was massive and unexpected, building permits report is considered a second-tier report and rarely triggers big market moves. Canadian dollar weakened slightly with USDCAD ticking higher. Overall, the pair continues to trade near an important resistance zone ranging around the 1.3540 area.
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Source: xStation5
