Canadian Dollar Softens Following Decline in Building Permits

Monday, 12 August 2024, 11:35

The Canadian Dollar has experienced a downturn as Canadian Building Permits fell by *13.9% month-over-month* in June. This decline follows a previously revised *12.7% contraction* in May. The market’s response to this low-tier housing data has been muted, indicating limited immediate impact; however, continuous declines in building permits may signal potential concerns for the Canadian economy. Investors should monitor these trends closely.

Fxstreet — Canadian Dollar Softens Following Decline in Building Permits

Canadian Dollar Weakens

The Canadian Dollar has faced challenges this week due to a notable decline in building permits.

Decline in Building Permits

Building Permits have decreased by 13.9% month-over-month in June.
This reduction follows last month’s revised 12.7% contraction.

The overall market impact seems limited due to the low-tier nature of this data. However, continuous declines could lead to broader economic concerns.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Canadian Dollar Weakens

Decline in Building Permits

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