The number of new building permits issued in Canada fell significantly more-than-expected in November, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued plunged by a seasonally adjusted 6.7% in November, worse than expectations for a drop of 3.0%. October’s figure was revised to an 8.0% gain from a previously reported increase of 7.4%.
Lower construction intentions, particularly for the residential sector in Quebec and Ontario, were behind the decline in November.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD adding 0.37% to hit 1.0861.
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