Canadian permits down
Canadian building permits have fallen -11.4% in the month to July. This is an indication of new construction projects in the Canadian economy and is related to the amount of new business investment. The bearish figures may serve to weaken Canadian exchange rates against its US counterpart.
This week, Canadian stocks also rose for the fourth consecutive day on the back of higher metal and commodity prices with the MSCI world index gaining 0.7%. Over the few weeks the Canadian dollar has been riding a wave of confidence following a rally in equity markets and better than expected jobless data this week.
At present, the Canadian currency is valued at USD0.9341, GBP0.5642 and EUR0.6452.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.