Sasha Singh
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Will USDCAD reverse its downtrend?

US Dollar strengthened against CAD today after the Statistics Canada reported Manufacturing Sales which fell .9% in December missing the economist’s expectations for a .2% rise. Another report released by Bureau of Labor Statistics showed that the U.S. import prices rose for the second consecutive month in January advancing .1% and U.S. export prices also rose in January increasing .2%. Economists were expecting the import prices to fall by .1%. Import data contributes to Inflation for Businesses and consumers especially those who rely heavily on imported goods and services. 

The pair found resistance at 1.0984 which was previously acting as support for the graph. Apart from USDCAD, Dollar is steady after the data came out however CAD weakened against all its major counterparts.