In the Oct 2, 2014 Forex Trading Alert, we covered the USD Index with great detail as it was one of the most important things that forex traders should keep in mind. It still is and the situation changed in the last 2 weeks, so today’s alert is a timely update on this key factor.

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Although the U.S. dollar moved lower against most of major currency pairs after disappointing economic data yesterday, we didn’t notice such price action in the case of the USD/CAD. Therefore, we decided to take a closer look at USD/CAD in today’s Forex Trading Alert. Will yesterday’s increase trigger further rally?

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Earlier today, the Census Bureau showed that U.S. retail sales fell 0.3% last month, while core retail sales (without motor vehicles and parts) dropped 0.2% in September. Additionally, U.S. producer price inflation slipped 0.1% in September, missing expectations for a 0.1% rise. On top of that, the Federal Reserve of New York reported that its manufacturing index dropped to a six-month low of 6.2 in October from 27.5 in September. These bearish numbers pushed the greenback lower, which resulted in a sharp increase in the EUR/USD pair. Is this the first sign of the rally?

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Earlier today, the U.K. Office for National Statistics reported that CPI slowed to 1.2% last month from 1.5% in August, while analysts had expected a drop to 1.4% in September. As a result, GBP/USD moved sharply lower, reaching the recent lows. Will we see further deterioration?

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Earlier today, official data showed that Chinese exports climbed 15.3% from a year earlier in September, beating forecasts for an 11.8% increase, while imports rose 7.0%, compared to expectations for a 2.7% decline. These stronger than expected trade data pushed AUD/USD triggered a sharp increase in the AUD/USD pair. Will we see further rally in the coming days?

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