A report from Statistics Canada this morning highlighted a growth in wholesale sales across the northern giant. The Canadian dollar (CAD) has been experiencing wide swings in value from shifts in risk aversion and spasmodic commodity price action these past few trading days.
News of high growth in Canada’s housing market has helped lift the value of the Loonie in recent trading, and this bullish sales figure should lend more weight to a region bereft of market optimism. Expectations were for mild growth of 0.2%, but today’s 1.9% reading has, and should, push the CAD a smidge higher in today’s afternoon session, particularly is US housing data can remain as bullish as it has been this week.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
