CAD Building Permits m/m?
MonOct 7 6:00pm CAD Building Permits m/m
what i do for this news?General Info:
Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.
Source: Economic Calendar - Investing.com
Why We Care:
This indicator reflects growth in Canada’s construction industry. The reports provide value and number of building permits issued as well as the average value of residential and non-residential buildings. It usually has an impact on other statistics, such as employment and durable goods, that contribute to the whole economy.
Source: Forex Calendar: Economic Calendar for FX Trading News & Event Risk
My Take:
This is moderate level volatility release. This my have little impact of CAD pairs if number are as expected… If you were I a short term trader it might be important if the release was opposite what evaluation in the market was previous the the release. However, construction projects will vary greatly from month to month in most economies… I do know that Canada is a bit colder than here in the US so construct tend shift from new projects outdoors to indoor remodels in the winter. There are few good play here if you around when the new is released… u/cad is very sensitive to news events regarding the neighboring countries and itself. In this example anything greater than a half a percent change outside the expected value may produce a nice scalp depending on the direction of the market prior to the release. I like the counter play with a scalp I would be only looking to trade a move negative to market flow… Taking advantage of other trying to reverse their position on a contrary release. If you were going to scalp in momentum it would be better to look for new release that supportive of market flow only and greater then a half a percent of expect number…
Hope that is helpful… Cheers.