Forex. USDCAD

Fri, 22 Apr 2016 01:45:00 +0400

According to the official report released by Statistics Canada, the country's manufacturing industry showed some weakness in February 2016. Observers underline that the sales of autos and crude oil were the biggest losers over the time, which was the key driver for the weakness.

To be more specific, the sales decline in the Canadian manufacturing sector was equal to 3,3%. This seems a lot against January's 2,2% increase. At the same time, the actual figures exceeded the expected decline of 1,5%. In volume, the sales dropped by 2.0% over the reporting period. On top of that Masterforex-V Academy experts report that this is the first drop seen in the manufacturing industry over the last 3 months. The experts underline that 16 out of 21 sectors saw their sales drop over the reporting period. The sales of autos dropped y 10,5%. At the same time, when adjusted for seasonality, the sales of coal and crude oil shrank by 12,6% in February, which is the 9^th monthly drop in a row.

FOREX

Meanwhile, Masterforex-V Academy reports that the Canadian Dollar is getting stronger against the U.S. Dollar, which means that USDCAD is going down. To be more specific, USDCAD is creating wave 3/C of level H16. There is a smaller-scale wave developing inside the move, which is wave a(C )/C.

For now, the closest major levels of support are Fibo levels 1.2654/30, 1.2448/24. A break above the top of the descending MF sloping channel and MF pivot 1.2988 is going to indicate the completion of the existing wave.

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