Yuriy Ukazkin
The retail sales in Canada showed poor performance in March, which is confirmed by the recent report released by Statistics Canada. The analysts report that the key factor for the negative performance seen over the reporting period was the sales of automobiles and spare parts for them.
To be more specific, the released data indicate a 1.0% decline in March 2016. After February’s 0.6% increase, the expert community expected a 0.6% drop, which means that the actual decline turned out to be stronger than expected. The report reads that 6 out of 11 niches reported negative performance over the reporting period.
It is also interesting to note that amid positive expectations of GDP growth in Q1 2016, the current retail sales figures make experts anticipate an economic slowdown this quarter. Still, they expect the situation to change for the better in the second half of the year.
FOREX
Masterforex-V Academy reports that the Canadian Dollar is still forming the same long-term downtrend against the U.S. Dollar, which means that USDCAD is going up. To be more specific, USDCAD is going down within the scope of wave A/B of level Daily2. There is sub-wave 3/C inside of it.
The key levels of resistance are represented by 1.3225, 1.3310, 1.3355, 1.3567/74. Alternatively, a break below the bottom of the ascending MF sloping channel and MF pivot 1.2835 is going to indicate the completion of the existing market bias, Masterforex-V Academy experts say.
Yuriy Ukazkin
