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Markets Mostly Fade Permits Miss

CANADA
  • GoCs modestly outperform Tsys across the curve after building permits missed (-14% M/M vs cons +2%), rallying 0.5bps through 2-5Y tenors.
  • The large miss was driven by the noisy multi-unit residential sector seeing its largest monthly decline in the series at -31% (driven by Ontario multi-units -45%). Single-family dwellings permits meanwhile increased 0.8% M/M.
  • Similarly, USDCAD lifts less than 10 pips, at 1.3533 remaining below earlier key resistance at 1.3544.
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