Canada’s building permits fell 2.1% in August

Canada’s building permits fell by 2.1% in August, driven by a significant drop in residential construction intentions in Ontario and British Columbia.
The total value of building permits in August declined 2.1% on a month over month basis to a seasonally adjusted 9.66 billion Canadian dollars, or the equivalent of $7.64.

The Building Permits released by the Statistics Canada shows the number of permits for new construction projects. It implies the movement of corporate investments and the Canadian economic development. This data tend to cause some volatility to the Canadian currency. The more growing number of permits, the more positive (or bullish) for the CAD.