The Canadian remains under pressure. Wholesale sales in Canada are down

The Canadian dollar remains under pressure against the US dollar after the publication of data on wholesale sales in Canada.

• In December, wholesale sales in Canada declined by -0.5%, against the November growth of 0.3%.

In addition to a weak statistic, the strong position of the US dollar and the decline in oil prices continue to exert pressure on the Canadian dollar during today’s trades.

Technical analysis: The pair USD/CAD maintains an upward trend in the short term. The nearest support levels are considered at the marks 1,2550, 1,2500. The resistance levels are the marks 1,2647, 1,2686.

Key recommendations: For the pair USD/CAD, you can consider both purchases and sales from the above mentioned levels of support and resistance, while focusing on the US dollar index, whose growth is exerted mainly by pressure on the Canadian and changes in oil prices.

Fig. USD/CAD. The current price is $ 1.2621.

Alexander Sivtsov