Forex New Preview: Canada Building Permits to be released at 8:30 AM

The Canadian Building Permits are scheduled to be released at 8:30 AM EDT.  Last month permits fell for the fourth straight month for the first time since 1990.  The slowing US economy led the builders to slow building projects.  The province of Ontario was particularly hit hard with a decline of 45%.  Ontario relies on exports to the US for a lot of their growth.   The Canada economy is particularly sensitive to the direction of the US economy as three quarters of Canada’s exports head to the United States.   

Last month Building Permits fell by 1.0%.  A gain of 1.3% was expected.   This month the expectation is for a modest rebound of 1.2%.  Although a welcome relief from the declines of late, the trend is still tilted toward slow growth ahead.