Another disappointing Canadian figure: wholesale sales fell 3.1% in the month of January, much worse than expected. At least this comes on a small upwards revision of December’s number from 2.5% to 2.8%.
USD/CAD is ticking higher, but within the range. Update: we have a break higher. The new level so far is 1.2833.
Canada was expected to report a drop of 0.7% in the volume of wholesale sales for the month of January after a rise of 2.5% in December.
USD/CAD traded just under 1.28 towards the publication, as the battle with this level continues.
The Canadian dollar was hit by falling oil prices and also by a sharp drop of manufacturing shipments.
The 1.28 level was a double top for USD/CAD, but after a first breach, the battle line became 1.2820. On the downside, support is found at 1.2760.
Here is the preview: USD/CAD: Trading the Canadian Wholesale Sales
The eyes of traders are at the decision of the Federal Reserve later today. Yellen and her colleagues are expected to remove the word “patience” from the statement, paving the way for a rate hike later this year, as early as June.
Chief Analyst at FXStreet Valeria Bednarik and I will be covering the Fed decision on Wednesday, March 18th, from 17:45 GMT. It will be broadcast live on Forex Crunch and on FXStreet.
Here is our trailer:
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