By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0035. The CAD weakened on a surprise drop in GDP, markets had expected a drop to 0.2% which was the forecast, when the actual release showed a drop to 0.1%.
Following the release of Canada’s GDP report for May, the Canadian dollar remained weaker against its major opponents. The loonie was trading at 1.2333 against the euro, 1.0030 against the greenback and 77.97 against the yen.
The Canadian economy expanded 0.1 percent in the month and 2.4 percent on the year in May. Analysts had expected the growth slow to 0.2 percent in the month. Annually, the economy was expected to expand 2.6 percent from 2.0 percent growth recorded in the previous month.
With little other data and the Canadian economy dependent on the US there is not much to support the CAD.
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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Economic Data July 31, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 31 |
KRW |
South Korean Industrial Production (YoY) |
1.6% |
1.5% |
2.6% |
|
KRW |
South Korean Industrial Production (MoM) |
-0.4% |
-0.1% |
1.3% |
|
|
JPY |
Unemployment Rate |
4.3% |
4.4% |
4.4% |
|
|
AUD |
Building Approvals (MoM) |
-2.5% |
-14.2% |
27.0% |
|
|
INR |
Indian Interest Rate Decision |
8.00% |
8.00% |
8.00% |
|
|
EUR |
French Consumer Spending (MoM) |
0.1% |
0.1% |
0.5% |
|
|
DKK |
Danish Unemployment Rate |
4.60% |
4.60% |
4.50% |
|
|
HUF |
Hungarian Quarterly Unemployment Rate |
10.90% |
11.20% |
||
|
EUR |
German Unemployment Rate |
6.8% |
6.8% |
6.8% |
|
|
EUR |
German Unemployment Change |
7K |
10K |
7K |
|
|
ILS |
Israeli Quarterly Unemployment Rate |
7.00% |
6.90% |
||
|
EUR |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
EUR |
Unemployment Rate |
11.2% |
11.2% |
11.2% |
|
|
USD |
Core PCE Price Index (MoM) |
0.2% |
0.2% |
0.1% |
|
|
CAD |
GDP (MoM) |
0.1% |
0.2% |
0.3% |
|
|
USD |
Personal Spending (MoM) |
0.0% |
0.1% |
-0.1% |
|
|
USD |
Employment Cost Index (QoQ) |
0.5% |
0.5% |
0.4% |
Upcoming Economic Events that affect the USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Aug 1 |
12:15 |
USD |
176K |
||
|
14:00 |
USD |
49.7 |
|||
|
14:30 |
USD |
2.7M |
|||
|
18:15 |
USD |
||||
|
18:15 |
USD |
|
|
||
|
Aug 2 |
12:30 |
USD |
353K |
||
|
14:00 |
USD |
0.7% |
|||
|
Aug 3 |
12:30 |
USD |
80K |
||
|
12:30 |
USD |
8.2% |
|||
|
12:30 |
USD |
0.3% |
|||
|
14:00 |
USD |
52.1 |
Upcoming Economic Events that affect the CAD
|
Date |
Time |
Currency |
Event |
Previous |
Government Bond Auctions
Date Time Country
Aug 01 09:30 Germany
Aug 01 10:00 Norway
Aug 01 13:00 US
Aug 02 08:30 Spain
Click here to read USD/CAD Technical Analysis.
Originally posted here
