Canadian Wholesale Sales is an important indicator of consumer spending. A reading which is better than the market forecast is bullish for the Canadian dollar. Update: Canadian wholesale sales plunge 3.1% Here are all the details, and 5 possible outcomes for USD/CAD. Published on Wednesday at 12:30 GMT. Indicator Background Canadian Wholesale Sales measures the total amount of sales in the wholesale sector, and an increase in the indicator points to stronger consumer spending, a key component of economic growth. Wholesale Sales rebounded sharply in December, posting an excellent gain of 2.5%. This crushed the estimate of 0.4%. The markets are bracing for a strong downturn in the January report, with an estimate of -0.7%. Sentiments and levels With the US Federal Reserve expected to remove “patient” in their language at the upcoming policy meeting, we could see the greenback post more gains against the sluggish Canadian dollar. So, the overall sentiment is bullish on USD/CAD towards this release. Technical levels, from top to bottom: 1.3063, 1.2924, 1.2798, 1.2624, 1.2541, and 1.2387. 5 Scenarios Within expectations: -1.0% to -0.4%. In such a scenario, USD/CAD is likely to rise within range, with a small chance of breaking higher. Above expectations: -0.3% to 0.1%: An unexpected higher reading can send the pair below one support line. Well above expectations: Above 0.1%: In this scenario, a second support level might be broken as a result. Below expectations: -1.5% to -1.1%: A weak reading could cause the pair to climb and break one resistance line. Well below expectations: Below -1.5%. A sharp contraction could hurt the loonie and USD/CAD could break above a second resistance line. For more on the loonie, see the USD/CAD forecast. To follow this event live: [do action=”calendar-event” eventid=”1a7ea0b6-37aa-4abd-919a-753547704baa”/] Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next Central Bankers Take Center Stage Scott Smith 8 years Canadian Wholesale Sales is an important indicator of consumer spending. A reading which is better than the market forecast is bullish for the Canadian dollar. Update: Canadian wholesale sales plunge 3.1% Here are all the details, and 5 possible outcomes for USD/CAD. Published on Wednesday at 12:30 GMT. Indicator Background Canadian Wholesale Sales measures the total amount of sales in the wholesale sector, and an increase in the indicator points to stronger consumer spending, a key component of economic growth. Wholesale Sales rebounded sharply in December, posting an excellent gain of 2.5%. This crushed the estimate of 0.4%. The markets… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
