Global macro overview for 24/12/2015:

A set of worse than expected data from Canada was released yesterday and they all missed expectations. The retail sales were at the level of 0.1% vs. 0.4%, but were still better than -0.4% a month ago. The core retail sales were at the level of 0% vs. 0.4% expected and still better than -0.4% a month ago. At last, the GDP for October showed 0% growth vs. 0.2% expected, but still better than -0,5% a month ago. All data are pointing out a slight increase in sales and GDP, but the figures still do not meet the market expectations making the economic growth sluggish and slow. The outlook for Canada does not look brighter either as the majority of fundamental analysts foresee another big wave of sell of in crude oil prices. This is a very important forecast to a commodity currency like the Canadian dollar. It might push the USD/CAD pair even higher next year.

Currently, the daily technical picture of the USD/CAD pair is still in favor of bulls as the pair is trading above the upper channel boundary, consolidating just under the important resistance at the level of 1.4000.