According to Statistics Canada, the country’s economy may face a decline for the first time since the global crisis. By now it is the 2nd G7 member with declining economic indicators. Before that Japan was the only G7 member to have serious economic problems due to the natural and nuclear disasters that hit the country earlier this year.
Some experts believe that the slowdown in Canada is caused by a production decline in the country’s motor industry, which is directly connected with the mentioned disasters in Japan.
FOREX.
According to the Department of Masterforex-V trading system , USDCAD is forming wave a(C ) or shortened C inside a potential long-term upswing – wave A of Daily. By now the currency pair has finished wave A H8 and is retracing against it. The retracement has been suspended around the 50% Fibo level of support. Consequently, the price is moving within a price range (0,9964-0,9850.), which will determine the future succession of events in the market. If the price overcomes the top, it will keep forming wave C of Daily. If the bottom is overcome, the retracement will be continued.
