Sales Data in Canada
- Manufacturing sales (m/m) (November), fact -1.4%, the forecast -0.9%.
- Wholesale sales (m/m) (November), fact -1.0%, forecast 0.1%.
November sales in Canada slowed down unexpectedly. It was more significantly than expected, having updated annual lows. This resumed negative sentiment on the Canadian dollar, which remained under pressure due to negative sentiment and a general decline in the cost of raw materials.
Fig. 1. Chart of volume sales in Canada
As a result, the USD/CAD pair accelerated the growth, but is limited by the overbought and the boundaries of the trading channel. Therefore, a significant strengthening of the pair will be limited by resistance levels: 1.3340-50 and 1.3370-80. The driver to the growth of this pair is the reduction of oil prices and the flight of investors from risks.
Fig. 2. USD/CAD chart. Current price – 1.3330
Read also: “Let’s trade using CCI and Stochastic indicators”
Hanzenko Anton
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