USD/CAD Fundamental Analysis December 6, 2012, Forecast

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Updated: Aug 21, 2015, 00:00 UTC

Analysis and Recommendations: The USD/CAD is completely flat today even after weak payroll data in the US. There is no Canadian data due today.

USD/CAD Fundamental Analysis December 6, 2012, Forecast

Analysis and Recommendations:

The USD/CAD is completely flat today even after weak payroll data in the US. There is no Canadian data due today. Yesterday’s BoC statement maintained the hawkish bias; however the central bank is unlikely to hike interest rates within the next 12-months. Juxtaposed against Fed policy, where we expect the expansion of QE3 into 2013, the bias for CAD is still strength. Since November 13th, when EUR bottomed, CAD has lagged the other primary currencies in appreciation. The CAD is trading at 0.9927

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 5, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Dec. 05

AUD

GDP (QoQ)

0.5%

0.6%

AUD

RBA Assist Gov Lowe Speaks

GBP

Services PMI

50.2

51.1

50.6

EUR

Spanish 10-Year Obligacion Auction

5.290%

5.517%

EUR

Retail Sales (MoM)

-1.2%

-0.1%

-0.6%

PLN

Polish Interest Rate Decision

4.25%

4.25%

4.50%

RUB

Russian CPI (MoM)

0.3%

0.5%

USD

ADP Nonfarm Employment Change

118K

125K

157K

USD

Nonfarm Productivity (QoQ)

2.9%

2.7%

1.9%

USD

Unit Labor Costs (QoQ)

-1.9%

-0.9%

-0.1%

Upcoming Economic Events that affect the CAD and USD

Date	Time	Currency	Event	Forecast	Previous
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%