USD/CAD Fundamental Analysis – November 30, 2015 – Forecast

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Published: Nov 27, 2015, 12:51 UTC

Analysis and Recommendations: The USD/CAD soared 40 points to trade at 1.3333 as the greenback continued to rally and oil and gas prices tanked. The

Analysis and Recommendations:

The USD/CAD soared 40 points to trade at 1.3333 as the greenback continued to rally and oil and gas prices tanked. The Reserve Bank of Australia and Bank of Canada also hold their respective policy meetings in the week ahead. In contrast to the ECB, the Federal Reserve seems likely to hike U.S. interest rates in December.

The Loonie opened weaker versus the U.S. dollar and as the price of oil dropped as the oversupply narrative grew during the day. The downward pressures on the price of energy drove it lower as oversupply persists with diminishing demand. The geopolitical turmoil in the Syrian border did not support the continuation of the rally in crude prices. All eyes are focused on next week’s Organization of the Petroleum Exporting Countries (OPEC) meeting where a production cut will be demanded by a vast majority of members, but it is uncertain where the Saudi vote and its powerful influence will fall.

Moving ahead, market participants will look forward to Canada’s industrial product price and raw material price index data, both for the month of October, scheduled to be released.

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
	United States – Day following Thanksgiving – Early close at 13:30
GBP	Nationwide HPI (YoY) (Nov)	3.7%	4.2%	3.9%
GBP	Nationwide HPI (MoM) (Nov)	0.1%	0.5%	0.5%
GBP	Business Investment (QoQ) (Q3)	2.2%	1.5%	1.6%
GBP	GDP (QoQ) (Q3)	0.5%	0.5%	0.5%
GBP	GDP (YoY) (Q3)	2.3%	2.3%	2.3%
EUR	GfK German Consumer Climate (Dec)		9.2	9.4

Upcoming Economic Events that you should be monitoring:

Monday, November 30, 2015

Cur.	Event	Actual	Forecast	Previous
NZD	Building Consents (MoM) (Oct)			-5.7%
JPY	Industrial Production (MoM) (Oct)			1.1%
JPY	Retail Sales (YoY) (Oct)			-0.2%
AUD	HIA New Home Sales (MoM) (Oct)			-4.0%
NZD	ANZ Business Confidence (Nov)			10.5%
AUD	Company Gross Operating Profits			-1.9%
AUD	Private Sector Credit (MoM) (Oct)			0.8%
EUR	German CPI (MoM) (Nov)
USD	Chicago PMI (Nov)		55.0	56.2
USD	Pending Home Sales (MoM) (Oct)		1.0%	-2.3%