March building permit data from Statistics Canada:
– Prior was +15.5%
– Residential +4.8%
– Non-residential -22.8%
The Canadian dollar is higher today but not by as much as you’d expect. That’s because it’s Canadian oil (or the lack thereof) that’s causing the rally in crude. The fire in the oilsands is curbing production but 800,000 barrels per day, and that could rise further.
