The retail sales in Canada showed showed some growth in April 2016, which is confirmed by the recent report released by the Office for National Statistics (ONS). Any increase in the retail sales figures indicates better con summer sentiment and confidence. This is good news given the recent retail sales decline. Experts say that the previous negative performance in the sector was mainly caused by the expectations of the forthcoming U.K. referendum on E.U membership.
To be more specific, the retail sales grew by 1.35 over the reporting period relative to the previous one. April’s growth completely covered the 0.5% retail sales drop seen in March. At the same time, the actual figures outperformed the forecast of 0.5%. As for the year-over-year figures, they improved by 4.3% as opposed to expected 2.5% and the previous reading of 3.0%.
It is also important to keep in mind that this is a major economic indicator for the British economy since consumer spending have been playing one of the key roles in the British economy over the last couple of decades.
FOREX
Masterforex-V Academy reports that the British Pound keeps on strengthening against the U.S. Dollar within the scope of the same long-term rally. However, the price is current retracing from the rally within the scope of wave A/B o level H12.
On breaking above the 1.4769 high, the currency pair is going to continue its way up to new highs. If that’s the case, the next major levels of resistance are going to be represented by the top of the descending MF sloping channel and Fibo levels 1.4882, 1.4944/49, 1.5033/61.
For now, the major levels of support are represented by the bottom of the ascending MF sloping channel and MF pivots 1.4131, 1.4089. On breaking below the 1.4332 low, the currency pair is going to start wave A/B of a senior timeframe.
