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USD/CAD Fundamental Analysis December 7, 2012, Forecast

By:
Barry Norman
Updated: Aug 21, 2015, 00:00 UTC

Analysis and Recommendations: The USD/CAD remains fairly flat in today's session trading at 0.9911 moving between small gains and losses. With positive

USD/CAD Fundamental Analysis December 7, 2012, Forecast

USD/CAD Fundamental Analysis December 7, 2012, Forecast
USD/CAD Fundamental Analysis December 7, 2012, Forecast
Analysis and Recommendations:

The USD/CAD remains fairly flat in today’s session trading at 0.9911 moving between small gains and losses. With positive data in Canada, the Looney added some momentum after Building Permits printed well above forecast. Across the border, US unemployment data printed positive today giving the greenback a bit of a bounce. Yesterday the Bank of Canada continues its current rates and monetary policy, while the US is waiting for the FOMC meet this coming week. The Canadian dollar eased from a one-month high against the greenback on Thursday to trade little changed, tracking U.S. equity futures as the progress of fiscal negotiations in Washington continues to drive direction.

Earlier in the session, the currency rallied to its strongest level since early November, extending gains made over the last two days after the Bank of Canada kept its bias towards future rate hikes at a policy meeting on Tuesday.

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 6, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Dec. 06

 

AUD

 

 

Employment Change 

13.9K

 

0.2K 

 

10.1K 

   

 

 

AUD

 

 

Unemployment Rate 

5.2%

 

5.5% 

 

5.4% 

 

 

 

 

CHF

 

 

Unemployment Rate 

3.0%

 

3.0% 

 

3.0% 

 

 

 

 

GBP

 

 

Halifax House Price Index (MoM) 

1.0%

 

0.2% 

 

-0.1% 

   

 

 

CHF

 

 

CPI (MoM) 

-0.3%

 

0.0% 

 

0.1% 

 

 

 

 

GBP

 

 

Trade Balance 

-9.5B

 

-8.8B 

 

-8.4B 

   

 

 

EUR

 

 

GDP (QoQ) 

-0.1%

 

-0.1% 

 

-0.1% 

 

 

 

 

EUR

 

 

German Factory Orders (MoM) 

3.9%

 

0.9% 

 

-2.4% 

   

 

 

GBP

 

 

Interest Rate Decision 

0.50%

 

0.50% 

 

0.50% 

 

 

 

 

GBP

 

 

BOE QE Total 

375B

 

375B 

 

375B 

 

 

 

 

EUR

 

 

Interest Rate Decision 

0.75%

 

0.75% 

 

0.75% 

 

 

 

 

CAD

 

 

Building Permits (MoM) 

15.0%

 

3.0% 

 

-12.7% 

   

 

 

USD

 

 

Initial Jobless Claims 

370K

 

380K 

 

395K 

   

 

 

EUR

 

 

ECB Press Conference 

 

 

 

 

 

 

 

 

 

USD

 

 

Continuing Jobless Claims 

3205K

 

3275K 

 

3305K 

   

Upcoming Economic Events that affect the CAD and USD

Date

Time

Currency

Event

Forecast

Previous

Dec. 07 

13:30

USD

Average Hourly Earnings (MoM) 

0.2% 

0.0% 

 

13:30

CAD

Employment Change 

10.0K 

1.8K 

 

13:30

CAD

Labor Productivity (QoQ) 

 

-0.5% 

 

13:30

USD

Nonfarm Payrolls 

90K 

171K 

 

13:30

USD

Average Weekly Hours 

34.4 

34.4 

 

13:30

USD

Private Nonfarm Payrolls 

90K 

184K 

 

14:55

USD

Michigan Consumer Sentiment 

82.1 

82.7 

Government Bond Auction

Date Time Country 

Dec 07 16:30 Italy  

Dec 10 10:10 Norway 

Dec 10 10:10 Slovakia 

Dec 10 15:30 UK 

Dec 10 16:30 Italy  

Dec 11 09:30 Spain 

Dec 11 10:10 Greece 

Dec 11 10:15 Austria 

Dec 11 10:30 Belgium 

Dec 11 10:30 UK 

Dec 11 18:00 US 

Dec 12 10:10 Italy  

Dec 12 10:10 Sweden 

Dec 12 10:30 Swiss 

Dec 12 16:30 US 

Dec 13 01:30 Japan 

Dec 13 09:30 Spain 

Dec 13 10:10 Italy  

Dec 13 10:30 UK 

Dec 13 16:00 US 

Dec 13 18:00 US 

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