USD/CAD Fundamental Analysis – November 9, 2015 – Forecast

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Published: Nov 6, 2015, 14:20 UTC

Analysis and Recommendations: The USD/CAD soared 87 points to trade at 1.3253 as gold tumbled and the US dollar soared after the NFP report. Gold fell to

Analysis and Recommendations:

The USD/CAD soared 87 points to trade at 1.3253 as gold tumbled and the US dollar soared after the NFP report. Gold fell to its lowest level in months as oil held on to its recent gains. Oil futures endured a volatile Thursday dogged by oversupply concerns. An extremely volatile session saw both benchmarks post gains in early Asian trading, only to slip into decline in Europe, before yet again staging a minor claw back in early US trading.

Oversupply concerns haunted trading sentiment for much of the day on the possibility of incremental barrels coming from Iran and Iraq, barely a day after the US Energy Information Administration reported commercial crude inventories rose by 2.8m barrels in the last week to a total of 482.8m barrels.

The data implied a sixth successive weekly rise, while crude oil imports by the US dropped to their lowest level in almost 25 years. However, chatter in the commodities sphere was dominated by the base metals market, where copper futures took a tumble in the face of a stronger dollar, dragging much of the metals complex lower.

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
GBP	BoE Gov Carney Speaks
AUD	Monetary Policy Meeting Minutes
JPY	BoJ Governor Kuroda Speaks
EUR	German Industrial Production (MoM)	-1.1%	0.5%	-0.6%
GBP	Industrial Production (MoM) (Sep)	-0.2%	-0.1%	0.9%
GBP	Manufacturing Production (MoM)	0.8%	0.4%	0.4%
GBP	Trade Balance (Sep)	-9.35B	-10.60B	-10.79B
GBP	Trade Balance Non-EU (Sep)	-2.08B	-3.30B	-3.84B
USD	FOMC Member Bullard Speaks
USD	Average Hourly Earnings (MoM) (Oct)	0.4%	0.2%	0.0%
USD	Nonfarm Payrolls (Oct)	271K	180K	137K
USD	Participation Rate (Oct)	62.4%		62.4%
USD	Private Nonfarm Payrolls (Oct)	268K	165K	149K
USD	Unemployment Rate (Oct)	5.0%	5.1%	5.1%