USD/CAD Fundamental Analysis August 28, 2012, Forecast

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Analysis and Recommendations:

The USD/CAD is trading at 0.9898 slightly down on a very quiet trading day. There has been little activity in Europe or Asia, little eco data and little news as holiday vacations wind down and the UK is closed for a bank holiday and the US prepares for its annual Labor Day event.

Monday started off with a stronger Canadian Dollar, following the rise in Commodity prices, pushing the USD/CAD to support at 0.9900 psychological levels. Some market volatility was seen ahead and after Fed’s Evans dovish speech, but the pair remains subdued at 0.9900 ground. 

The Chicago Federal Reserve Bank President Evans gave a very dovish speech in Hong Kong, stating the US central bank should immediately launch a new round of stimulus, through bond buying, until the jobless rate declines steadily. 

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data August 27, 2012 actual v. forecast

Date

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Aug. 27

 

SEK

 

 

 

Swedish Retail Sales (MoM) 

0.30%

 

0.20% 

 

-0.30% 

  

 

 

EUR

 

 

 

German Ifo Business Climate Index 

102.3

 

102.6 

 

103.2 

  

 

 

EUR

 

 

 

German Current Assessment 

111.2

 

110.8 

 

111.5 

  

 

 

EUR

 

 

 

German Business Expectations 

94.2

 

95.0 

 

95.5 

  

 

Upcoming Economic Events that affect the CAD and USD

Date

Time

Currency

Event

Previous

Aug. 28 

15:00

USD

CB Consumer Conf

65.9 

Aug. 30 

13:30

CAD

Current Account 

-10.3B 

Aug. 31

13:30

CAD

GDP (MoM) 

0.1% 

 

Government Bond Auctions

Date Time Country 

28/8  10:30  Spain

28/8  11:00  Italy 

28/8  19:00  US 

29/8  11:00  Italy 

29/8  19:00  US 

30/8  05:35  Japan

30/8  11:00  Italy 

30/8  19:00  US

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About:FX Empire Analyst - Barry Norman

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