{"id":152063,"date":"2019-07-24T10:45:00","date_gmt":"2019-07-24T14:45:00","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=152063"},"modified":"2019-07-24T07:02:03","modified_gmt":"2019-07-24T11:02:03","slug":"usdcad-analysis-weak-macroeconomic-data-had-negative-effect-on-canadian-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/usdcad-analysis-weak-macroeconomic-data-had-negative-effect-on-canadian-dollar\/","title":{"rendered":"USDCAD Analysis: Weak macroeconomic data had negative effect on Canadian dollar"},"content":{"rendered":"
July 24, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Weak macroeconomic data was released in Canada<\/strong><\/p>\n

Weak macroeconomic data had a negative effect on Canadian dollar rate<\/a>. Will the correction of its quotations continue?<\/p><\/blockquote>\n

On the USDCAD chart, the weakening of the Canadian dollar looks like a growth in quotations. Wholesale trade in Canada declined by 1.8% in May after a continuous increase over the previous 5 months. The ratio of wholesale stocks to sales (inventory-to-sales) has peaked since 1995. Canadian retail trade also unexpectedly declined in May by 0.1%, while the forecast was 0.3%. All this may be a sign of a slowdown in the Canadian economy and encourage the Bank of Canada to lower the rate this year. Now it is 1.75% and has been at this level since October 2018. On July 31, 2019, GDP data for May are released in Canada, and on August 2, the trade balance for June. It can affect the dynamics of the Canadian dollar. The next meeting of the Bank of Canada will not take place soon – on September 4.<\/p>\n

\"USDCAD\"<\/p>\n

On the daily timeframe USDCAD: D1<\/b> is in a neutral trend. Various technical analysis indicators have generated uptrend signals. Correction to the top and further growth of quotations is possible in case of a decrease in the rate of the Central Bank of Canada.<\/p>\n