USDCAD Next Leg Higher Underway

USDCAD Next Leg Higher Underway

By: James Ansher | Where To Trade | On:21-04-2015 11:49
Back

Key Highlights

  • Canadian dollar under pressure as the Canadian Wholesale Sales came below the expectation.

  • Canadian Wholesale Sales released by the Statistics Canada registered a decline of 0.4% in February 2015, compared to the preceding month.

  • USDCAD has a major support at 1.2210-00 and resistance ahead at 1.2260.

Key Releases:

Canadian Wholesale Sales (Canadian Dollar)

Canadian Wholesale Sales

Earlier during the NY session, the Canadian Wholesale Sales which help in calculating the value of sales made by wholesalers in Canada was released by the Statistics Canada. The market was not expecting an increase in sales in February 2015, compared to the preceding month. However, the outcome was softer compared to the expectation, as the Canadian Wholesale Sales declined by 0.4% to $53.6 billion, compared to the last revised decrease of 2.9%. This was disappointing considering the fact that this was the lowest level in six months.

Considering the change in the volume, the Canadian Wholesale Sales were down by 0.7%. The most discouraging thing was the fact that sales were down in three of seven Subsectors. The Subsector which registered the largest decrease in dollar terms in February 2015 was the building material and supplies. There was a decline of 2.7% to $7.4 billion, which was the lowest level since May 2014 as per the report published. Furthermore, every industry within building material and supplies Subsector added to the fall in sales.

The next Subsector was the machinery, equipment and supplies, which posted a decline of 1.3% to $11.2 billion. This was one of the largest declines in seven months. The third one was the motor vehicle and parts Subsector. It decreased by 1.4% to $8.8 billion in February 2015, compared to the preceding month.

There were increases as well, including in the miscellaneous Subsector, which posted a rise of 2.1% to $7.4 billion. The food, beverage and tobacco Subsector also gained by 0.4% to $10.5 billion.

Market Reaction

Overall, the data was on the disappointing side and ignited selling pressure on the Canadian dollar. The USDCAD pair traded higher and was seen challenging the 1.2250-60 resistance area. A break above the same might take it towards the 1.2280 swing high where sellers could appear.

The bearish pressure on the Euro was increased, as there was rumor surrounding that the ECB might cut support for banks in Greece. Futures for the Dow Jones Industrial Average traded lower towards 18,020 and the S&P 500 index was unchanged at 2,100.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

By:  |  | On:2016-11-10
Against all odds, the Asian markets opened higher

Against all odds, the Asian markets opened higher

By: Simon Furman | Where To Trade | On:Wednesday, November 10, 2016

Asian shares tumbled starting Wednesday, when the election poll trickled in and the Republican candidate had a clear advantage

Free Forex Seminar Coming Up in Budapest

Free Forex Seminar Coming Up in Budapest

By: James Ansher | XM | On:November 10, 2016

Designed for both novice and more advanced traders, the topic of the seminar provide useful information about the practical use of price risk levels, including various techniques used in risk management

Donald Trump has been elected as the 45th president of the United States of America

Donald Trump has been elected as the 45th president of the United States of America

By: Oliver Miller | Where To Trade | On:November 9, 2016

After tumbling overnight, the dollar strengthened during and after Donald Trump’s first speech as the elected President of the United States

Gold Futures were up 0.61%, to trade at $1,326.95 an ounce

Gold Futures were up 0.61%, to trade at $1,326.95 an ounce

By: Darryl Frankfort | Where To Trade | On:Monday, October 31, 2016

Monday, October 31, 2016 - Stocks were mixed at the end of the day. The Dow Jones Industrial Average closed 0.10% lower at 18,142.42, while the S&P 500 Index rose 0.01% closing at 2,126.15.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings