Canada Trade Balance Forecast Miss; CAD drops, USD rise – USD/CAD update


February 7, 2017

USD/CAD went powering through the 23.6 Fibonacci level and touched the 38.2 Fibonacci around the time the Trade Balance report was going to be posted. Trade balance report missed the forecast of $1.2 billion trade surplus, but instead reported $0.9 billion surplus for the month of December 2016. The USD/CAD is approaching the 200 moving average of 1.32400.