Category Archives: Forex News

USDCAD: The Dollar extends rally on better then expected trade deficit

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FXstreet.com (Barcelona) – The Dollar continued rallying against its Canadian counterpart on better than expected U.S. data, the ActionForex Technical Team defends that fall from 1.3005 has completed: “USD/CAD’s rebound from 1.1761 extends further to as high as 1.2312 in early US session. The decisive break of inner trend line resistance argues that fall from 1.3005 has completed at 1.1761.”

From now on, the ActionForex technical Team affirms that there is more room on the upside for the Dollar: “At this point, intraday bias remains on the upside as long as 1.2139 minor support holds. Break will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, below 1.2139 will turn intraday outlook neutral first.”

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U.S. trade deficit narrows beyond expectations in November

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FXstreet.com (Barcelona) – U.S. deficit in goods and services trade with the rest of the world has posted in November the largest decline in 12 years, mainly due to the sharp decline on oil prices and weakening demand, according to data released by the U.S. Commerce Department.

International goods and services trade posted a $40.4 billion deficit in November, down from the $56.7 billion gap posted in October, which has been downwardly revised from the $57.19 billion previously estimated.

November’s deficit has beaten the experts already positive expectations, market analysts had forecasted a smoother decline to a total deficit of about $51.0 billion. November’s deficit is the lowest since the $40 billion deficit in 2003, and the monthly decline, 28.7%, the sharpest since the 34.9% decrease in October 1996.

Imports have posted a 12.0% decline in November from October, to a total a $208.23 billion, while exports dropped 5.8% to $ 142.80 billion.

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Canadian trade Surplus drops in November

FXstreet.com (Barcelona) – Canadian trade balance surplus has declined in November to the lowest in 11 years, as exports declined to a larger extent than imports, and petrol prices dropped considerably, according to data released by Statistics Canada.

In November, Canadian trade surplus dropped to C$1.28 billion from revised C$2.25 billion trade surplus in October, previously released C$3.78 billion.

November’s surplus has been the lowest since October 1997. Exports fell, for the fourth month in a row, 6.8% to C$39.24 billion, while imports declined 4.8% to C$37.96 billion.

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