The Canadian dollar on Monday climbed against its top peers in the aftermath of the nation's statistics office releasing economic data with stronger-than-forecast building permits issued in March, Bloomberg reports.
The nation saw an 8.6 percent increase of permits issued by municipalities, which totals $6.45 billion in Canadian currency. Bloomberg-polled economists forecast a median climb of 1.3 percent.
"While today's figures are better than expected, the anemic gains on the residential side confirm the view that Canada's home-building sector continues to decelerate after a long spate of frenetic building activity," economist Emanuella Enenajor with CIBC World Markets told The Wall Street Journal on Monday.
Canada saw gross domestic product increase 0.3 percent this past February and March. That economic data pushed past the median estimates of economists, which was for advances of 0.2 percent.
That building permit climb represents the quickest increase in five months, according to The Wall Street Journal. The nation is preparing to release economic data about its labor market later this week, which is likely to impact the performance of the monetary unit as well.
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