Canadian building permits, how low can you go?

CANADATuesday morning Canadian building permit figures were released lower than expected. The Canadian building permit figure shows how many new building permits have been issued. Building permits are a significant economic indicator for any country. The forecast for today’s news was 3.7%. The actual fell short at 1.7%.

The report follows last week’s disappointing Canadian employment figures showing a loss of 54,500 jobs and an unemployment rate climb to 7.2%.

The USDCAD is hanging out around the 1.013 level. It’s possible that we’ll see some Canadian dollar weakness this Tuesday.

The Yen, on it’s way to 100
The Yen is well on it’s way to 100 USDJPY. We could see it touchdown as early as this week. It would be the first time in four years that the USDJPY was at the 100 level and from the looks of things, the USDJPY could see itself higher than 100 in the weeks to come.

A break past the resistance area of 99.75 could trigger a lot of longs on the USDJPY.

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