According to the recent report conducted by the Bank of Canada, the economic conditions for small-scale business remain poor. The results of the resent survey indicate that pessimism is still dominating among multiple representatives of Canadian small-scale business. Also, the survey indicates that internal deterrents dominate external ones.
In particular, the internal demand is showing insufficient growth to balance the internal negative factors. The report says that the level of economic activity remains rather weak even in the regions rich in resources.
Modest economic conditions lead to modest plans pursued by small-scale businesses and even bigger companies. They expect an even further slowdown in the coming months. Employment plans are modest as well. The respondents say that recourses are far from working to the full capacity.
Forex
In the meantime, the Canadian Dollar is retracing from the same long-term rally against the U.S. Dollar, Masterforex-V Academy reports. This means that USDCAD is going up. To be more specific, USDCAD has completed a bearish move - wave A/B of level H4 and is forming a bullish move –wave A/B of level H4 as well.
A break above the 1.3118 high is going to start a new bullish move – wave А/В of level Daily2. In this case, 1.3142, 1.3164, and 1.3186 are going to act as the key levels of resistance.
A break below the 1.2830 low is going to start a new bearish move – wave А/В of level Daily. In this case, 1.2711, 1.2676/53, and 1.2763 are going to act as the key levels of support.
