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Investing.com - The number of new building permits issued in Canada fell unexpectedly in March, fuelling concerns over the health of the country’s economy, official data showed on Wednesday.
In a report, Statistic Canada said the number of new building permits issued tumbled by a seasonally adjusted 3% in March, disappointing expectations for a gain of 4.3%.
February’s figure was revised to a drop of 11.3% from a previously reported decline of 11.6%.
Lower construction intentions in the non-residential sector in six provinces, led by Ontario, more than offset a gain in the residential sector.
Following the release of the data, the Canadian dollar erased gains against its U.S. counterpart, with USD/CAD rising 0.1% to trade at 1.0903, compared to 1.0890 ahead of the report.