By FXEmpire.com
The USD/CAD pair rose back on Tuesday, where rising risk aversion around global financial markets after growth figures from Germany and the Euro Zone disappointed investors, while data from the U.S. housing market showed activities eased in July, which spread concerns in markets and boosted demand for lower yielding assets, which put downside pressure on the CAD, and pushed the USD/CAD pair to the upside.
The uncertainty that continues to dominate global financial markets should continue to boost demand for lower yielding and more safe assets, and accordingly, we preserve our bullish outlook for the USD/CAD pair, and any downside movements are not expected to prevail for long, since risk aversion will provide the USD/CAD pair with the needed bullish momentum.
Wednesday August 17:
At 12:30 GMT, the U.S. July Producer Price Index is due and expected to rebound with 0.1% rise on the month following 0.4% drop. Core annual PPI is expected at 2.3% following 2.4%.
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