USD/CAD Fundamental Analysis October 24, 2014 Forecast

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Updated: Aug 25, 2015, 02:00 UTC

Analysis and Recommendations: The USD/CAD gained 13 points as the US dollar remained in a positive mode, while gold and oil continues to weigh on the

USD/CAD Fundamental Analysis October 24, 2014 Forecast

Analysis and Recommendations:

The USD/CAD gained 13 points as the US dollar remained in a positive mode, while gold and oil continues to weigh on the Canadian dollar. Canada’s dollar touched the strongest level in more than a week after the country’s central bank removed the word “neutral” from its policy statement, fueling bets officials are more open to raising interest rates.

The currency fluctuated at almost a five-year low as crude oil, the nation’s biggest export, dropped. The Bank of Canada left the benchmark interest rate unchanged at 1 percent, as forecast by all 24 economists surveyed by Bloomberg.

The U.S. currency advanced for a fifth day versus the yen, the longest streak in more than a month. The euro fell against 14 or 16 major peers as investors weighed the prospects of additional easing policies from the European Central Bank. The pound slid as minutes of the Bank of England’s most recent meeting showed most policy makers saw greater risks to the U.K. from a euro-area slump. South Korea’s won climbed.

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
NZD	CPI (QoQ) (Q2)	0.3%	0.5%	0.3%
AUD	Business Confidence	6		6
CNY	HSBC Mfg. PMI	50.4	50.3	50.2
EUR	French Mfg. PMI	47.3	48.5	48.8
EUR	French Services PMI	48.1	48.2	48.4
EUR	German Mfg. PMI	51.8	49.5	49.9
EUR	German Services PMI	54.8	55.0	55.7
EUR	Manufacturing PMI	50.7	49.9	50.3
EUR	Services PMI (Oct)	52.4	52.0	52.4
GBP	Mortgage Approvals	39.3K	41.5K	41.4K
GBP	Core Retail Sales (MoM)	-0.3%	-0.2%	0.3%
GBP	Core Retail Sales (YoY)	3.1%	3.4%	4.4%
GBP	Retail Sales (MoM)	-0.3%	-0.1%	0.4%
GBP	Retail Sales (YoY) (Sep)	2.7%	2.8%	3.7%
GBP	CBI Industrial Trends		-4	-4
USD	Initial Jobless Claims		282K	264K

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
NZD	Trade Balance (MoM)		-700M	-472M
NZD	Trade Balance (YoY)		1,510M	2,020M
GBP	GDP (QoQ) (Q3)		0.7%	0.9%
GBP	GDP (YoY) (Q3)		3.0%	3.2%
USD	New Home Sales (Sep)		470K	504K
USD	New Home Sales (MoM)		-5.8%	18.0%