(Bloomberg) -- Canada's dollar strengthened to an 11- month high after Canadian building permits rose at the quickest pace ever in March, and following the announcement of Alcoa Inc.'s $33 billion bid for Montreal-based Alcan Inc.
Building permits rose at a 27.4 percent rate in March after dropping by 22.4 percent in February, Statistics Canada reported today in Ottawa, suggesting a firm Canadian housing market contrasted with a weakened one in the U.S. The median forecast of 16 economists Bloomberg surveyed was for a 5 percent increase.
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