By FXEmpire.com

Analysis and Recommendations:

The USD/CAD added a few pips today, trading at 0.9920 as it has been a bad week for the Looney. Yesterday we saw the Canadian Trade Balance widen beyond expectations and today, employment toppled off a cliff.

Jobs numbers released today showed that unemployment skyrocketed from 7.0% to 7.3% a huge jump in a small country with a loss of 30.4k jobs.

Combine this with a drop in the housing markets; you have a terrible outlook for Canada.

The only hope here is that this will force the Bank of Canada into a rate reduction sooner than later.

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.

Chinese Economic Data August 9 -10, 2012 actual v. forecast

CNY

Chinese CPI (YoY)

1.8%

1.7%

2.2%

CNY

Chinese PPI (YoY)

-2.9%

-2.5%

-2.1%

CNY

Chinese CPI (MoM)

0.1%

-0.1%

-0.6%

CNY

Chinese Fixed Asset Investment (YoY)

20.4%

20.5%

20.4%

CNY

Chinese Industrial Production (YoY)

9.2%

9.8%

9.5%

CNY

Chinese Retail Sales (YoY)

13.1%

13.7%

13.7%

Economic Data for August 10, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 10

AUD

RBA Monetary Policy Statement

CNY

Chinese Trade Balance

25.10B

35.10B

31.70B

JPY

Industrial Production (MoM)

0.4%

-0.1%

-0.1%

JPY

BoJ Monthly Report

EUR

German CPI (MoM)

0.4%

0.4%

0.4%

EUR

German CPI (YoY)

1.7%

1.7%

1.7%

GBP

PPI Input (MoM)

1.3%

1.5%

-2.9%

GBP

PPI Input (YoY)

-2.4%

-1.5%

-3.0%

CAD

Employment Change

-30.4K

9.0K

7.3K

USD

Import Price Index (MoM)

-0.6%

0.1%

-2.4%

CAD

Unemployment Rate

7.3%

7.0%

7.2%

Upcoming Economic Events that affect the CAD and USD

Date

Time

Currency

Event

Previous

Aug 14

12:30

USD

Core Retail Sales m/m

-0.4%

12:30

USD

PPI m/m

0.1%

12:30

USD

Retail Sales m/m

-0.5%

14:00

USD

Business Inventories m/m

0.3%

Aug 15

12:30

USD

Core CPI m/m

0.2%

12:30

USD

Empire State Manufacturing Index

7.4

13:00

USD

TIC Long-Term Purchases

55.0B

13:15

USD

Capacity Utilization Rate

78.9%

13:15

USD

Industrial Production m/m

0.4%

14:30

USD

Crude Oil Inventories

-3.7M

Aug 16

12:30

CAD

Foreign Securities Purchases

26.11B

12:30

CAD

Manufacturing Sales m/m

-0.4%

12:30

USD

Building Permits

0.76M

12:30

USD

Unemployment Claims

361K

12:30

USD

Housing Starts

0.76M

14:00

USD

Philly Fed Manufacturing Index

-12.9

Aug 17

12:30

CAD

Core CPI m/m

-0.4%

12:30

CAD

CPI m/m

-0.4%

13:55

USD

Prelim UoM Consumer Sentiment

72.3

Government Bond Auctions

Date Time Country

Aug 13 09:10 Italy

Aug 13 09:10 Norway

Aug 13 09:30 Germany

Aug 14 09:10 Greece

Aug 14 09:10 Italy

Aug 14 09:30 Belgium

Aug 14 14:30 UK

Aug 15 09:10 Sweden

Aug 16 09:30 UK

Aug 16 15:00 US

Click here to read USD/CAD Technical Analysis.

Originally posted here