USD/CAD Fundamental Analysis – November 10, 2015 – Forecast

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Updated: Nov 9, 2015, 12:43 UTC

Analysis and Recommendations: The USD/CAD dipped 36 points to 1.3270 as the CAD climbed off recent lows as gold and oil are trading in the green and the

USD/CAD Fundamental Analysis – November 10, 2015 - Forecast

Analysis and Recommendations:

The USD/CAD dipped 36 points to 1.3270 as the CAD climbed off recent lows as gold and oil are trading in the green and the US dollar corrects from Friday’s jobs inspired rally. The loonie fell sharply on Friday despite robust job creation data as U.S. labour market gains raised expectations the Fed will hike its benchmark interest rate next month, the first increase in nearly a decade.

U.S. employment rose by a better than forecast 271,000 positions in October to send the jobless rate to a seven-year low, according to government data released Friday.

Canada also topped the consensus view of economists, with 44,000 new jobs in October versus expectations for 10,000 additions.

Canada’s employment rose more than expected in October, with most of the gains coming from temporary workers hired to prepare for federal election. The economy created 44,400 new jobs in the reported month, marking the fourth consecutive monthly rise, pushing the unemployment rate to 7% from 7.1%, according to Statistics Canada. The public administration category increased by 32,000 on temporary work related to the election. Yet, employment excluding election jobs still exceeded the 10,000 gain predicted by economists. The labour market has been one of the brightest spots of the Canadian economy this year, with hiring remaining solid through an oil shock that derailed output in the first half of the year.

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.

Today’s economic releases:

Cur.	Event	Actual	Forecast	Previous
EUR	German Trade Balance (Sep)		20.0B	19.6B
EUR	Eurogroup Meetings
USD	FOMC Member Rosengren Speaks

Upcoming Economic Events that you should be monitoring:

Tuesday, November10, 2015

Cur.	Event	Actual	Forecast	Previous
JPY	Current Account n.s.a. (Sep)		2.235T	1.653T
GBP	BRC Retail Sales Monitor (YoY) (Oct)			2.6%
AUD	Home Loans (MoM) (Sep)			2.9%
AUD	NAB Business Confidence (Oct)			5
CNY	CPI (MoM) (Oct)		-0.2%	0.1%
CNY	CPI (YoY) (Oct)		1.5%	1.6%
CNY	PPI (YoY) (Oct)		-5.8%	-5.9%
EUR	EU Finance Ministers Meeting
USD	Export Price Index (MoM) (Oct)		-0.2%	-0.7%
USD	Import Price Index (MoM) (Oct)		-0.1%	-0.1%