USDCAD, Monthly
The CAD sinks as Canada manufacturing shipments tumbled 1.1% in October, petroleum and coal shipments plunged 5.7%, marking the fifth straight decline in the sector. Aerospace and parts shipments contracted 10.3%, with Statistics Canada noting that monthly volatility is the norm for the sector. Machinery sales declined 4.6% in October. A 4.9% improvement in motor vehicle sales provided a partial offset. Shipment volumes fell 1.0% in October, which begins the monthly GDP tally on a weak note.
The monthly chart remains bullish with possible pullbacks towards the 1.3450′s as a possibility; the May 2004 highs near the 1.40′s looks to be in sight provided USDCAD price action can break and hold above the 1.38′s.
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