Technical Analysis

Canada September building permits fall by the most on record

  • Largest monthly decline on record
  • Prior was +11.9% (revised to +12.0)
  • Residential -15.6%
  • Non-residential -21.5%

The Canadian economy is far too-closely tied to real estate and with rates rising, this is a clear sign of a major crack. USD/CAD is challenging 1.38 as the US dollar climbs broadly.

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