Prior month's 8.9% gain revised to 10.7%.

Canada building permits showed a big beat with a gain of 2.5% in June. This is on top of a revised higher 10.7% gain in May (was previously 8.9%).

  • This was the 2nd highest value on record
  • Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the gain. They rose by 12.5% in June to 2.7 billion. This is the 3rd consecutive increase.
  • The value of residential building permits fell by -0.9% for the 4th decrease in 5 months.
  • Single family dwellings decreased -12.5% to 2.4 billion. 7 provinces registered declines with Ontario being the biggest contributor to the decline.

The market is shrugging off the better data as the USDCAD rises to new session highs (weaker CAD in the process) and back above the 1.2700 level. The high from Monday's trading reached 1.2714. That was the highest level since July 14th