Market Research and Analysis

USD/CAD is trading at 1.3504, down -0.0004 and -0.03% on Thursday. USD/CAD had been consolidating lower from Friday’s high, however, a speedy drop in oil costs has made a sharp recuperation eradicate a large portion of the earlier three-day decrease. The money pair is probably going to post a bullish overwhelming light on a day by day outline, implying at the capability of an inversion from the downtrend that has occurred since early May.

Canadian building permits declined 0.2% in value terms for April following a revised 4.9% decline for March which was originally reported as a 5.8% decline. The data was significantly weaker than an expected rebound of 2.0% for the month and there was a 3.3% annual decline. The total number of permits for dwellings declined 0.7% on the month with a 1.9% annual decline. Residential permits declined 2.5% on the month, the third successive monthly decline to give a 2.5% annual decline. Single-family residential permits declined 8.1% on the month with a 1.7% annual decline.