- Prior reading was -10.3% (revised to -10.6%)
Building permits are at the leading edge of the construction cycle. The June number gave the market a fright but this massive rebound and other recent Canadian housing numbers show the market continues to hum along.
It took a moment, probably as traders stared at this number in disbelief, but CAD rallied to a session high afterwards. I pointed out on Friday that CFTC positioning data showed heavy bets against CAD recently and that they’re all underwater.
