Forex traders will await US retail sales data which disappointed last month to gauge if consumer spending has picked up once again. Industrial production and manufacturing production is expected to show its second monthly contraction while the Import/Export Price Index is anticipated to show the rise in deflationary pressures. How will this data impact price action in the USDCAD? Today’s fundamental analysis will take a look at price action in both directions.

Canadian housing data may have an impact on the Canadian Dollar which has weakened sharply against the US Dollar. Commodity prices have decreased as trade concerns are once again increasing and the outlook for the global economy remains weak. With the USDCAD at a strong resistance level, will bulls be able to force a breakout or can bears ignite a price action reversal? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.