Building Permits m/m (CAD) comes in at -17.3% against 11.6% consensus

Canadian Building Permits month over month registered a decline of -17.3% for the latest period. This figure significantly missed the market consensus, which had anticipated an increase of 11.6%. The actual print represents a substantial reversal from the previous month’s 18.5% gain, resulting in a surprise of -249.1% against consensus expectations.

Following the release, the Canadian dollar showed varied reactions against major currencies over the initial 15 minutes. EURCAD moved +8.8 pips, and GBPCAD moved +11 pips. USDCAD saw a +0.9 pip move. Conversely, CADCHF moved -1.4 pips, NZDCAD moved -1.2 pips, AUDCAD moved -0.1 pips, and CADJPY moved -0.4 pips. These initial moves are generally smaller when compared to the median 1-hour moves observed after past releases, which typically range from 6 pips for CADCHF to 18 pips for GBPCAD.