Canada : disappointing wholesale sales

April Canadian wholesales sales sank more than expected

Canada

Yesterday, government data showed that Canada's wholesale trade sales declined 21.6% on month in April (-10.6% expected). Retail sales, that will be published later today, will be highly watched. A decline of 15.1% is expected.

From a technical point of view, on a daily chart, USD/CAD has broken below the lower boundary of a triangle and is capped by its 50-period moving average (in blue). The daily RSI stands within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3850. The nearest support would be set at horizontal support at 1.3200 and a second one would be set at 1.3100 (January overlap) in extension.

Source : TradingVIEW, Gain Capital

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