The amount of April’s building permits in Canada declined by 21.1% unexpectedly for everyone (the strongest decline since January 2006). The biggest reduction was seen in Ontario. The residential sector declined by 12.6% while the non-residential one showed a 33.2% decline.
According to Reuters, the index had been expected to lose only 6.0% from the 4-year high (seen in March). That was the reaction of the housing market to the toughening of mortgage construction requirements and the expected interest rate increase.
FOREX.
USDCAD keeps developing the mid-term retracement of H8 against the long-term uptrend. The experts of the Department of Masterforex-V TS explain that the further retracement will take the form of wave c (C ) H4. The retracement will be over only when the price breaks below the MF pivot and sloping channel, which will act as support levels.
