The USD/CAD gained 44 points as the greenback kept its momentum and gold and oil turned bearish. The Loonie is trading at 1.3064. The loonie may have seen
The USD/CAD gained 44 points as the greenback kept its momentum and gold and oil turned bearish. The Loonie is trading at 1.3064. The loonie may have seen stronger growth than any other currency among G10 countries so far this year. But the good times won’t last, if a report by CIBC Economics is any indication.
The bank issued a forecast Friday showing that the loonie could drop to as low as $0.73 against the U.S. greenback by September, before its value improves by sometime early next year.
The reason, the bank says, is the wildfire that has ravaged Fort McMurray and ground oil sands production to a crawl.
The fire has resulted in the loss of approximately $1 billion worth of oil sands production. That equals approximately 0.33 per cent of Alberta’s GDP in 2016, and 0.06 per cent of Canada’s GDP, according to the Conference Board of Canada.
FxEmpire provides in-depth analysis for each asset 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, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.
Upcoming Economic Events that you should be monitoring:
Tuesday, May 31, 2016
Cur. | Event | Actual | Forecast | Previous | |||
NZD | ANZ Business Confidence (May) | 6.2 | |||||
AUD | Building Approvals (MoM) (Apr) | -3.0% | 3.7% | ||||
AUD | Current Account (Q1) | -19.5B | -21.1B | ||||
AUD | Private Sector Credit (MoM) (Apr) | 0.5% | 0.4% | ||||
EUR | CPI (YoY) (May) | -0.1% | -0.2% | ||||
EUR | Unemployment Rate (Apr) | 10.2% | 10.2% | ||||
USD | Core PCE Price Index (MoM) (Apr) | 0.2% | 0.1% | ||||
USD | Core PCE Price Index (YoY) (Apr) | 1.6% | |||||
USD | Personal Spending (MoM) (Apr) | 0.6% | 0.1% | ||||
CAD | GDP (MoM) (Mar) | -0.1% | -0.1% | ||||
CAD | GDP (QoQ) (Q1) | 0.2% | |||||
CAD | GDP Annualized (QoQ) (Q1) | 2.9% | 0.8% | ||||
USD | S&P/CS HPI Composite – 20 n.s.a. (YoY) | 5.1% | 5.4% | ||||
USD | Chicago PMI (May) | 50.6 | 50.4 | ||||
USD | CB Consumer Confidence (May) | 96.0 | 94.2 |
Government Bond Auctions
Date Time Country Auction
May 30 11:10 Italy Holds bond auction
Jun 01 10:30 Denmark Holds bond auction
Jun 01 11:30 Germany Eur 4bn Apr 2021 Bobl
Jun 01 11:30 UK 1.5% 2021 Gilt
Jun 01 17:20 Sweden Announces details of bond auction on Jun 08
Jun 02 10:30 Spain Holds bond auction
Jun 02 11:03 Sweden Holds I/L bond auction
Jun 02 11:50 France Holds bond auction