Source: ForexYard
Ahead of the Canadian monthly wholesale sales report (13:30 GMT), it appears the USD/CAD is building towards a decision point.
On the shorter time-scale, we can see the pair stagnating between the 38.2% and 50% Fibonacci retracement levels, suggesting trader indecision prior to this release.
Expectations are for an increase of 0.8%, up from last month’s reading of 0.4%, which appears to be forecasting a drop in the pair as the loonie gains in value against the USD. The technical indicators below support this downward sentiment.
If Wholesale Sales come as expected, traders should anticipate a downward move towards 1.0100. If the figure disappoints, we could see some upward movement.
USD/CAD – 4-Hour Chart
Forex Market Analysis provided by ForexYard.
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