By FX Empire.com
The USD/CAD pair rebounded to the downside on Thursday, amid rising risk targeting in markets, as Lucas Papademos was named to be interim prime minister of Greece, the U.S jobless claims fell to its lowest since April and U.S trade deficit narrowed in September.
Traders will continue to monitor the latest developments fromEurope, and if optimism continues to dominate markets, we should expect the USD/CAD pair to extend its losses on Friday. Nonetheless, if some progress is made inEurope, demand for higher yielding assets will improve and that will put the USD/CAD pair under pressure.
Friday November 11:
Canada will release the manufacturing sales index at 13:30 GMT, which is expected to have risen in September by 1.9% compared with 1.4% in August.
At 14:55 GMT the University of Michigan confidence for November is expected with a rise to 61.5 from 60.9.
Originally posted here
