Data out overnight for Canada: Canadian building permits June m/m +13.5% vs -2.0% exp

The response from CIBC:

  • Says the Canadian housing market remains resilient
  • “June’s gain was driven by strength in non-residential building plans which were up by 32.5%, good enough to bring year-on-year activity there up over 40%”
  • “The nonresidential gain was in fact powered by a huge 63.9% increase in industrial permits”
  • Says the data on Thursday, combined with Wedensday’s are encouraging and “Look for today’s release to support the loonie somewhat, and add importance to tomorrow’s jobs figures, as employment one of the only Canadian data points yet to show signs of any notable strength”