By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0003 almost reaching parity today. The US nonfarm payroll report surprised traders, showing that the US created 163K new jobs, when only 100K were forecast, but the unemployment level increased unexpectedly to 8.3%, casting a shadow on the positive report.
The CAD is stronger, up 0.5% from yesterday’s close as it continues to trade within the relatively tight 82-pt range seen over the past five sessions. USDCAD continues to see congestion just above parity, and will require a catalyst to break through for further declines. In terms of data, next week’s housing starts and international merchandise trade are unlikely to drive declines in USDCAD.
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.
Economic Data August 2, 2012 actual v. forecast
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
Aug. 03 |
TRY |
Turkish CPI (MoM) |
-0.23% |
-0.10% |
-0.90% |
EUR |
Retail Sales (MoM) |
0.1% |
-0.1% |
0.8% |
|
USD |
Average Hourly Earnings (MoM) |
0.1% |
0.2% |
0.3% |
|
USD |
Nonfarm Payrolls |
163K |
100K |
64K |
|
USD |
Unemployment Rate |
8.3% |
8.2% |
8.2% |
|
USD |
Average Weekly Hours |
34.5 |
34.5 |
34.5 |
|
USD |
Private Nonfarm Payrolls |
172K |
110K |
73K |
Upcoming Economic Events that affect the CAD and USD
Date |
Time |
Currency |
Event |
Previous |
Aug 7 |
12:30 |
CAD |
7.4% |
|
14:00 |
CAD |
49.0 |
||
Aug 8 |
12:30 |
USD |
-0.9% |
|
12:30 |
USD |
1.3% |
||
14:30 |
USD |
|||
Aug 9 |
12:15 |
CAD |
223K |
|
12:30 |
CAD |
-0.8B |
||
12:30 |
CAD |
0.3% |
||
12:30 |
USD |
-48.7B |
||
12:30 |
USD |
|||
Aug 10 |
12:30 |
CAD |
7.3K |
|
12:30 |
CAD |
7.2% |
||
12:30 |
USD |
-2.7% |
||
18:00 |
USD |
-59.7B |
Government Bond Auctions
Date Time Country
Aug 06 09:10 Norway
Aug 07 00:30 Japan
Aug 07 09:15 Austria
Aug 07 14:30 UK
Aug 07 17:00 US
Aug 08 09:30 Germany
Aug 08 10:00 Norway
Aug 08 15:30 Italy
Aug 08 17:00 US
Aug 09 15:30 Italy
Aug 09 17:00 US
Aug 10 10:00 Belgium
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
Click here for updated USD/CAD News.
Originally posted here