Canada's manufacturing sector saw a sales decline in August, Statistics Canada reports. At the same time, the inventories got bigger. The sales volume dropped by 0,2% over the reporting period, all the way down from 52,1 billion CAD.
Masterforex-V Academy reports that the actual figures turned out to be less considerable than the analyst estimates of 1.0%. it should also be noted that July’s figures indicated a 1,7% increase.
It should be noted that the tendency has been seen in 8 out of 21 industries, which is almost half of the sector. The biggest losers are the local coal and oil industries, which lost over 5% in sales.
FOREX
Meanwhile, Masterforex-V Academy reports that the Canadian Dollar is growing within the scope of a mid-term uptrend against the U.S. Dollar, which corresponds to a downtrend in the market of USDCAD. In particular, the currency pair is developing wave A/B of level Daily.
More specifically, the price is moving within the scope of the wave b( C ) of the mentioned price move. At this point, the 1.2832 high as well as the MF sloping channel are acting s support levels. At the same time, the downward move may well be hindered by 1.2766, 1.2686, 1.2507. The current wave is going to be complete as long as the price breaks above the top of the descending MF sloping channel and MF pivot 1.3078.
