According to Statistics Canada, the country’s official national statistics agency, Canada’s real GDP grew by 0,35 in July 2015, if to believe the revised report published by he agency. The revised report for June indicated 0,4%. It should be noted that in both cases, analysts had expected a slowdown to 0,2%.
Another thing to pay attention to is the fact that the real GDP had been growing down for 5 months in a row before it started to grown in June. This leads us to believe that some positive chances maybe underway in the Canadian economy, especially if to consider that act that the country’s manufacturing sector seems to be growing and expanding as well.
In particular, the agency’s report indicated +0,7% and +0,8% in June and July respectively. At the same time, the oil and gas industry expanded in July as well. This time the expansion was equal to 2,9% relative to June's 2,6%.
Despite the positive changes seen in Canada’s manufacturing industry, wholesale trading figures leave much to be desired, if to believe the same old report released by the agency the other day. At the same time, the financial and insurance sectors grew by 0,8%
As for the Canadian Dollar, it has been retracing against the same long-term retracement relative to the U.S. Dollar. According to Masterforex-V Academy, the price has been fluctuating around 1,3150 for a while.
The closest major levels of support are located around the MF sloping channel and pivot 1,3015. If the price fails to break them and goes on to break above 1,3456, the long-term rally of USDCAD is going to resume within the scope of the “Hound of the Baskervilles” pattern by Elder/MF.
