Quarterly survey of Canadian Businesses
The quarterly survey (Q1) of Canada businesses shows:
- Modest recovery and business sentiment
- ssigns of strengthening domestic demand
- firms expect some increase in sales growth
- the balance of opinion of indicators of future sales at Highest level in five years
- Firms expect faster export growth
- firms expect that the US growth will be strong
- plans to invest and become more widespread
- firms in all sectors and regions plan to add jobs over the next year
- capacity pressures remain modest/slack persists
- inflation expectations marginally higher vs Q4 but to remain in the lower half of BOC control range
- Q1 lending conditions unchanged for the third consecutive quarter
Prior to the survey release, the USDCAD moved above its 100 bar MA on the 4-hour chart at 1.33685 to a high of 1.3400 (the high actually peaked at 1.33993 on my chart). The price since has rotated back down and looking to retest the 100 bar MA level at 1.33685. A move below will be more bearish.
The price of the USDCAD has been up and down over the last 2 1/2 months. The moves lower last week tested below the 100 day MA and the 200 bar MA on the 4-hour chart.
On the topside, there have been a number of looks above the 100 bar MA, but only four 4-hour bars that closed above the MA line. IF the price can stay above this would be the 5th. Stay above more bullish/move below is more bearish.
