Canada’s manufacturing sector showed increased shipments in April. This is confirmed by the recent report released by Statistics Canada. At the same time, the manufacturing sector indicates declining inventories amid he increasing amount of new orders.
All in all, the shipment volume increased by 1% over the reporting period, Market Leader reports. It should be noted that April’s increase completely covered the 0.9% drop seen in March 2016. This is the first month of growth after 2 consecutive months of decline.
It is interesting to note that the analysts had expected an increase under 0.6%, which is why the actual figures outpaced the forecast by far. The entire shipment volume grew even stronger over the reporting period. However, some price cuts curbed the growth to the mentioned figures.
FOREX
In the meantime, Masterforex-V Academy experts report that the Canadian Dollar is developing the same uptrend versus the U.S. Dollar even though the price started retracing, which corresponds to a recovery made by USDCAD. The currency pair has completed wave A/B of level Daily. Now, it is building an upward move – wave A/B of level H16.
A break below the 1.2653 low is going to initiate wave A/B of level Daily2.The key levels of support will be found at 1.2631, 1.2545/27, 1.2449, and 1.2459.
A break above the 1.3186 high is going to initiate wave A/B of level Weekly. The key levels of resistance will be found at 1.3310, 1.3357, 1.3464, 1.3574.
