USD/CAD Signal - CAD Manufacturing Sales - 15 Sep 2020

USD/CAD is trending to the upside prior to CAD manufacturing sales data. Manufacturing Sales data examines the overall sales of Canada, and is a measure of market demands. Typically a growing number of goods including unsold inventories indicates a fall in the market demand, being bearish for the CAD. A decreasing sales number is also seen as negative (or bearish). On the other hand, an increasing sales number is seen as positive (or bullish). With oil prices falling the CAD is being weighed down, and we are seeing USD bulls attempt to steer price.
Technically the pair has broken the downtrend line and is trading above the 200 moving average.