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USD/CAD Fundamental Analysis December 5, 2012 Forecast

By:
Barry Norman
Updated: Aug 20, 2015, 23:00 UTC

Analysis and Recommendations: The USD/CAD is trading at 0.9932 dipping 20 pips today after the Bank of Canada held rates as expected, trading within its

USD/CAD Fundamental Analysis December 5, 2012 Forecast

USD/CAD Fundamental Analysis December 5, 2012 Forecast
USD/CAD Fundamental Analysis December 5, 2012 Forecast
Analysis and Recommendations:

The USD/CAD is trading at 0.9932 dipping 20 pips today after the Bank of Canada held rates as expected, trading within its tight 56 point seven session range. A sustained tight range reflects indecision in the market as USDCAD traders wait for a catalyst that will provide enough conviction for a breakout. The Looney gained today on worries about the US fiscal cliff as lawmakers continue to bicker and argue.

Traders are adding risk to portfolios, putting some upward pressure equities and weighing on the USD. The themes in markets are unchanged from yesterday and include upcoming central bank meetings, fiscal cliff negotiations and the outlook for global growth.

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 4, 2012 actual v. forecast 

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Dec. 04

 

AUD

 

 

Building Approvals (MoM) 

-7.6%

 

-2.0%

 

9.5%

   

 

 

AUD

 

 

Current Account 

-14.9B

 

-14.8B

 

-12.4B

   

 

 

AUD

 

 

Interest Rate Decision 

3.00%

 

3.00%

 

3.25%

 

 

 

 

AUD

 

 

RBA Rate Statement 

         

 

 

 

 

EUR

 

 

Spanish Unemployment Change 

74.30K

 

90.50K

 

128.20K

 

 

 

 

BRL

 

 

Brazilian Industrial Production (YoY) 

2.3%

 

2.5%

 

-3.6%

   

 

 

CAD

 

 

Interest Rate Decision 

1.00%

 

1.00%

 

1.00%

   

 

Upcoming Economic Events that affect the CAD and USD

Date

Time

Currency

Event

Forecast

Previous

Dec. 05

13:15

USD

ADP Nonfarm Employment Change 

125K 

158K 

 

13:30

USD

Nonfarm Productivity (QoQ) 

2.7% 

1.9% 

 

13:30

USD

Unit Labor Costs (QoQ) 

-0.9% 

-0.1% 

 

15:00

USD

ISM Non-Manufacturing Index 

53.5 

54.2 

Dec. 06

13:30

CAD

Building Permits (MoM) 

3.0% 

-13.2% 

 

15:00

CAD

Ivey PMI 

59.0 

58.3 

Dec. 07

13:30

CAD

Employment Change 

10.0K 

1.8K 

 

13:30

CAD

Labor Productivity (QoQ) 

 

-0.5% 

Government Bond Auction

Date Time Country 

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

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