USD/CAD Fundamental Forecast – September 9, 2016

The USD/CAD dipped 14 points as the greenback continued to fall and oil and gold prices traded in the green. The Loonie is trading at 1.2873. Higher oil prices and a weak U.S. dollar helped drive up the loonie.

Expectations that the U.S. central bank will raise rates at its next meeting later this month faded after the Institute for Supply Management reported that U.S. service companies grew at a far slower pace in August than they had in July.

The Institute for Supply Management said that its services index fell to 51.4 last month from 55.5 in July. A reading above 50 signals growth, but the August result was the lowest since February 2010.

The data point followed a lower-than-expected U.S. jobs report on Friday that showed employers added 151,000 jobs in August and the unemployment rate remained static at 4.9 per cent for a third month in a row. Economists were expecting 182,500 new jobs last month and for the unemployment rate to fall by 0.1 per cent.

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Upcoming Economic Events that you should be monitoring:

 September 9, 2016

Government Bond Auctions

Date Time Country Auction

Sep 08 11:00 Ireland Holds bond auction

Sep 08 17:20 Italy Announces details of bond auction