Canadian building permits rise less-than-expected in December

Forex Pros – The number of new building permits issued in Canada rose less-than-expected in December, following two consecutive months of declines, official data showed on Monday.

In a report, Statistic Canada said the number of new building permits issued rose by a seasonally adjusted 2.4% in December, after tumbling by 10.5% in November, whose figure was revised from a decline of 11.2%.

Analysts expected the number of new building permits issued to rise by 2.9% in December. 

According to the data, the increase was mainly attributable to higher construction intentions for multi-family dwellings in Ontario.

Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.06% to hit 0.9868.

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