USD/CAD Fundamental Analysis April 8, 2013 Forecast

Analysis and Recommendations:

The USD/CAD saw some strange movement today, with the US dollar gaining against the CAD to trade at 1.0210 after the nonfarm payroll report disappointed traders. The CAD employment report was much worse but could be a statistical error, the report printed at -54.5k jobs against expectations of 9k increase. The Canadian dollar fell more than three-quarters of a U.S. cent Friday morning as job creation numbers for Canada and the United States missed by a wide margin.  Economists had expected about 6,500 jobs to have been created last month, although BMO Dominion Securities had suggested it could be as many as 18,000. The dollar was also punished by other data that showed a big increase in Canada’s trade deficit with the rest of the world.

In the U.S., the Labor Department reported that the economy only managed to crank out 88,000 jobs last month even as the jobless rate declined 0.01 per cent to 7.6 per cent. Traders had started the week off expecting that the U.S. non-farm payrolls report would show that about 190,000 jobs were produced in March following a reading of 220,000 in February.

Statistics Canada said the trade deficit widened from $746-million in January to $1-billion in February. Exports decreased 0.6 per cent to $38.5-billion, with shipments of metal and non-metallic mineral products contributing the most to the decline. The agency said that this was partially offset by an increase in motor vehicles and parts.

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 April 5, 2013 actual v. forecast

 

Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD

Government Bond Auction

Date Time Country 

Apr 08 09:10 Norway

Apr 08 09:30 Germany

Apr 08 15:30 Italy

Apr 09 08:10 Holland

Apr 09 09:15 Austria

Apr 09 17:00 US

Apr 10 09:10 Italy

Apr 10 09:30 Germany

Apr 10 09:30 Swiss

Apr 10 14:30 Sweden

Apr 10 17:00 US

Apr 11 12:30 Japan

Apr 11 09:10 Italy

Apr 11 09:10 Sweden

Apr 11 11:00 Norway

Apr 11 15:00 US

Apr 11 17:00 US

Apr 12 10:30 Belgium