The Canadian dollar climbed to its highest level in almost three weeks after building permits rose to a record in July, adding to signs that the economy is gaining momentum.
The currency advanced for a second day versus its U.S. peer as the value of municipal permits climbed 20.7 percent to C$7.99 billion ($7.70 billion), Statistics Canada said, with the gain exceeding all 10 forecasts in a Bloomberg survey. A report tomorrow may show housing starts in August remained at almost the previous month’s level. Canada’s dollar rallied last week after the country added triple the amount of jobs forecast.
“The double-whammy of employment and a sharp increase in building numbers this morning is supporting the Canadian dollar in this range,” Shaun Osborne, chief currency strategist the Toronto-Dominion Bank, said by phone from Toronto.
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