Fears that a weaker global economy will lead to less demand for commodities, helped drive the Canadian Dollar lower against the U.S. Dollar. The prolonged
Fears that a weaker global economy will lead to less demand for commodities, helped drive the Canadian Dollar lower against the U.S. Dollar. The prolonged declines in gold and crude oil are weighing heavily on the Canadian economy. Traders are concerned that the economy will be damaged if this trend continues.
Volatility hit the market on Wednesday and Thursday. On Wednesday, the USD/CAD traded lower after the Fed minutes revealed a more dovish tone. Concerns by the Fed over the strength of the global economy and the level of the U.S. Dollar suggested that the central bank would once again delay its much expected interest rate hike in 2015.
Also helping to drive the USD/CAD higher on Thursday was the better-than-expected U.S. weekly jobless claims report.
Today, traders will get the opportunity to react to the latest Canadian employment change figures. Economists say that 18.7K new jobs were added to the economy in September versus an 11.0K loss in August.
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
Currency Event Forecast Previous
EUR French Industrial Production -0.2% 0.2%
GBP Trade Balance -9.6B -10.2B
CAD Employment Change 18.7K -11.0K
CAD Unemployment Rate 7.0% 7.0%
USD Import Prices m/m -0.5% -0.9%
USD FOMC Member Plosser Speaks
ALL IMF Meetings
CAD BOC Business Outlook Survey
ALL G20 Meetings
USD FOMC Member Fisher Speaks
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.