USD/CAD Fundamental Analysis November 3, 2014 Forecast

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Updated: Aug 25, 2015, 07:00 UTC

Analysis and Recommendations: The USD/CAD gained 24 points to trade at 1.1212 gaining 24 points as crude oil and gold headed towards new lows. There was

USD/CAD Fundamental Analysis November 3, 2014 Forecast

Analysis and Recommendations:

The USD/CAD gained 24 points to trade at 1.1212 gaining 24 points as crude oil and gold headed towards new lows. There was no support for the CAD as traders wait for GDP data. Canada’s dollar fell after an a preliminary report showed the economy unexpectedly contracted in August for the first time this year, bolstering bets the Bank of Canada will lag behind the Federal Reserve in raising interest rates. Gold tumbled $31 points to touch its lowest point in years while crude oil looked to break below the $80 price level as the global glut continued. The US dollar gained 45 points today to trade at 86.70 after US GDP printed better than expected yesterday.

The currency erased a weekly gain as the data contrasted with a report yesterday showing the economy in the U.S., the nation’s largest trading partner, grew more than forecast from July through September. The Federal Reserve ended a bond-purchase program this week, moving one step closer to raising U.S. interest rates, while Canada’s central bank left its benchmark rate unchanged this month.

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 actual vs. forecast:

Cur.	Event	Actual	Forecast	Previous
JPY	Household Spending	1.5%	1.9%	-0.3%
JPY	National Core CPI (Sep)	3.0%	3.0%	3.1%
JPY	Tokyo Core CPI (Oct)	2.5%	2.5%	2.6%
AUD	PPI (QoQ) (Q3)	0.2%	0.2%	-0.1%
EUR	German Retail Sales	-3.2%	-1.0%	1.5%
JPY	BoJ Press Conference
EUR	French Consumer	-0.8%	-0.3%	0.9%
EUR	Italian CPI (MoM)	0.1%	-0.2%	-0.4%
EUR	CPI (YoY) (Oct)	0.4%	0.4%	0.3%
EUR	Unemployment Rate	11.5%	11.5%	11.5%
USD	Core PCE Price Index		0.1%	0.1%
CAD	GDP (MoM) (Aug)		0.0%	0.0%
USD	Chicago PMI (Oct)		60.0	60.5
USD	UM Consumer Sent		86.4	86.4

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
AUD	AIG Manufacturing			46.5
AUD	Building Approvals			3.0%
CNY	Non-Manufacturing PMI			54.0
CNY	HSBC Mfg. PMI			50.4
EUR	Spanish Manufacturing			52.6
EUR	Italian Manufacturing		50.7	50.7
EUR	French Manufacturing		47.3	47.3
EUR	German Manufacturing		51.8	51.8
EUR	Manufacturing PMI		50.7	50.7
GBP	Manufacturing PMI			51.6
USD	ISM Employment		55.0	54.6
USD	ISM Manufacturing PMI		56.7	56.6