• Previous month -21.0% revised from -18.8%
• The total monthly value of building permits in Canada rose 10.5% to $10.5 billion in May.
• On a constant dollar basis (2012=100), the total value of building permits increased by 10.0% to $6.2 billion.
• Housing permits rose 8.5% to $6.8 billion in May, with Ontario contributing 45.8% of the value of housing permits in Canada.
• Ontario housing permits increased 16.3% month-over-month to $3.1 billion, led by housing permits issued in urban areas.
• Other provinces, including New Brunswick, Quebec, Alberta and British Columbia, also saw increases in residency permits.
• Permits were issued for 3,800 new single-family housing units in May, compared with permits for 17,700 new multifamily units.
• Non-residential permits rose 14.2% to $3.7 billion in May, driven primarily by commercial projects.
• Commercial allowances increased 45.8% or $703.4 million, offsetting losses in the institutional component.

Despite monthly gains, the value of non-residential construction plans decreased by 11.2% year-on-year in May. Data can be volatile on a month-to-month basis, as can be seen from the chart above.

USDCAD is marginally higher, trading back above the 100-hour MA at 1.32888. The trading range for USDCAD is only 32 pips. The average for the last 22 trading days is 72 pips. Looking at the hourly chart below, the price remains above the rising 200 hourly moving average at 1.37654. The price last traded below its 200 hourly moving average on July 4th.