January’s wholesale figures remained unchanged in Canada. This is confirmed by the latest report released by Canada’s official statistical agency. While auto sales dropped, sales in other sectors made up for the drop, Market Leader reports.
Apparently, zero monthly growth in the wholesale sector in January 2016 seems to have disappointed experts since they had anticipated a 0.2% increase. The thing is, that the sale of automobiles and spare parts fro them decreased by 2,8% over the reporting period relative to December 2015. This is the first time in 3 months the sales have gone down. The sales of autos alone dropped 4,9% down in January 2016. 4 of the other 7 wholesale sectors, which make up for 54% of the total wholesale volume, indicated a 2,8% increase, thereby covering the loss and letting the index break even.
FOREX
In the meantime, Masterforex-V Academy reports the Canadian Dollar keeps on rallying against the U.S. Dollar, which means that USDCAD is going down. To be more specific, USDCAD is going on with another downward momentum – wave 3/С of level Daily3. By now, there price is has complete wave 5 or the “Hound of he Baskervilles” pattern by Elder/MF inside the mentioned rally. A further drop below 1.2921 will give way to other lows, hereby making the Canadian Dollar even stronger against its American counterpart. Id that’s the case, the closest targets are 1.2842/36, 1.2654/44. Alternatively, a break above the top of the descending MF sloping channel and MF pivot 1.3404 will put an end to the downtrend and indicate the recovery of the U.S. Dollar against the Canadian Dollar.
