USD/CAD Fundamental Analysis October 23, 2014 Forecast

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Updated: Aug 25, 2015, 02:00 UTC

Analysis and Recommendations: The USD/CAD added 12 points as the US dollar regained momentum as housing data yesterday beat expectations. The CAD is

USD/CAD Fundamental Analysis October 23, 2014 Forecast

Analysis and Recommendations:

The USD/CAD added 12 points as the US dollar regained momentum as housing data yesterday beat expectations. The CAD is facing a lot of data today with retail sales and BoC policy and interest rate decision. The pair is holding at 1.1234. The greenback firmed slightly early in the session tracking overnight gains that followed strong U.S. existing home sales for September, the highest this year.

The US dollar gained as world markets, the euro weakened yesterday against other major currencies following reports that the European Central Bank plans to launch a new quantitative easing program in early December.

Oil prices were mixed and gold remained locked in its current trading range as traders focus on Canadian retail sales and the upcoming Bank of Canada decision, but neither is expected to change the markets.

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	Exports (YoY) (Sep)	6.9%	6.8%	-1.3%
JPY	Trade Balance (Sep)	-958B	-777B	-949B
AUD	CPI (QoQ) (Q3)	0.5%	0.4%	0.5%
AUD	CPI (YoY) (Q3)	2.3%	2.3%	3.0%
GBP	MPC Meeting Minutes
USD	Core CPI (MoM) (Sep)		0.2%	0.0%
USD	CPI (MoM) (Sep)		0.1%	-0.2%
CAD	Retail Sales (MoM)		0.2%	-0.1%
CAD	BoC Monetary Policy
CAD	Interest Rate Decision		1.00%	1.00%

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
AUD	RBA Governor Stevens
NZD	CPI (QoQ) (Q2)		0.5%	0.3%
CNY	HSBC Mfg. PMI		50.2	50.2
EUR	German Mfg PMI		49.5	49.9
EUR	German Services PMI		55.0	55.7
EUR	Manufacturing PMI		49.9	50.3
EUR	Services PMI (Sep)		52.0	52.4
GBP	BBA Mortgage		41.5K	41.6K
GBP	Core Retail Sales (MoM)		-0.2%	0.2%
GBP	Retail Sales (MoM)		-0.1%	0.4%
GBP	CBI Industrial Trends		-4	-4
USD	Initial Jobless Claims		282K	264K