Contradictory economic stats for the US and Canada forced speculators to go risk-averse. The Canadian bond yield responded with an increase as the Canadian Dollar declined a little. Obviously, speculators decided to wait for Ben Bernanke’s Jackson Hole speech.
In the meantime, Canada’s foreign balance showed a CAD16.0 bn deficit. The actual figures turned exceeded analyst’s expectations.
Forex.
According to , the Canadian Dollar keeps retracing against the uptrend versus the US Dollar. The experts report that USDCAD is forming wave 3 or C of wave Daily2. The wave will be completed as soon as the price breaks above 0.9947. In this case, the price may encounter resistance around the top of the MF sloping channel. A break below 0.9841 will initiate a new downswing as a part of the “Hound of the Baskervilles” pattern by Elder/MF. In this case the price may find the bottom around the 0.9799. low.
