USD/CAD Fundamental Analysis December 4, 2012, Forecast

Analysis and Recommendations:

The USD/CAD dipped today, to trade at 0.9933. With gold and oil climbing, the CAD has some back up and was able to gain. Also Chinese data helped support all of the commodity currencies. A better risk environment, a broadly weaker USD and encouraging PMI releases from China are being offset by concerns that weaker than expected Q3 GDP will soften the hawkish stance at the BoC. Traders are now  expecting the Canadian interest rates to be left on hold and the statement to be in line with the October release; with uncertainty over the leadership at the BoC come June 2013, the risk is that the statement is discounted as we await news on the next governor of the BoC. Also important this week will be Friday’s employment report, expected to show job gains of 10k in November.

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 December 3, 2012 actual v. forecast

 

Upcoming Economic Events that affect the CAD and USD

Government Bond Auction

Date Time Country 

Dec 04 01:30 Japan 

Dec 04 10:30 Belgium 

Dec 04 15:30 UK 

Dec 05 09:30 Spain 

Dec 05 10:30 Germany 

Dec 05 11:00 Norway 

Dec 05 15:30 Sweden 

Dec 06 01:30 Japan 

Dec 06 09:50 France 

Dec 06 16:00 US 

Dec 07 16:30 Italy