USDCAD rising after building permits data for Canada!

In May, the total monthly value of building permits in Canada increased by 10.5% to reach $10.5 billion. Adjusted for inflation, the value of building permits rose by 10.0% to $6.2 billion. Residential permits saw a significant increase of 8.5% to $6.8 billion, with Ontario accounting for 45.8% of Canada's residential permit values. Ontario experienced a 16.3% growth, driven by multi-dwelling permits in urban areas. New Brunswick had the highest provincial growth rate at 27.2%, while Quebec, Alberta, and British Columbia observed more modest gains.

On the non-residential side, the value of permits rose by 14.2% to $3.7 billion, primarily due to a surge in commercial permits. However, there was an 11.2% year-over-year decrease in the value of non-residential construction intentions in May.

USDCAD, M15 interval, source xStation 5