Canada’s construction sector is still in recession. The prospects are worsening amid cheaper construction costs for the projects approved in May. Alberta has shown the weakest performance so far. To be more specific, the construction projects approved in May dropped in price by 1,9% as opposed to the same figures in April. This is confirmed by the recent report released by Statistics Canada.
The actual figures look a disaster as opposed to the forecast predicting a 2% increase. April’s figures indicated a 0.1% increase. Alberta turned out to be the biggest loser mainly because this is a major oil-exporting province. Since oil prices have dropped significantly over the last few years, the amount of money circulating in the local economy has decreased as well since then.
Forex
In the meantime, the Canadian Dollar is retracing within the scope of a short-term downtrend against the U.S. Dollar, which means USDCAD is rallying, Masterforex-V Academy experts report. To be more specific, the price is building wave A/B of level H8. There is wave 3/C inside of it.
The key levels of resistance are 1.3119, 1.3186,1.3106, 1.3142. On breaking below the bottom of the ascending MF sloping channel and MF pivot 1.2875, the price will complete the short-term bullish bias.
