By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 0.9968 just below parity. CAD is flat to yesterday’s close, but has rallied an impressive 5% since its June 4th low. Working in CAD’s favor is low market volatility, the relative stance of the Bank of Canada, building belief that China will undergo a soft landing, Canada’s AAA sovereign rating and positive investor sentiment. These all give the CAD a bullish outlook.
Yesterday, Ivey PMI surprised higher coming in at 62.8; however the series is notably volatile
Canada will be pretty quiet with no major economic data releases scheduled for today leaving markets to turn their attention to the tide of corporate earnings announcements on the docket. 29 companies will announce earnings including a number of prominent mining companies.
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 8, 2012 actual v. forecast
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
Aug. 08 |
JPY |
Adjusted Current Account |
0.77T |
0.75T |
0.28T |
AUD |
Home Loans (MoM) |
1.3% |
2.0% |
-0.9% |
|
CHF |
SECO Consumer Climate |
-17 |
-4 |
-8 |
|
GBP |
BoE Inflation Report |
||||
EUR |
German 10-Year Bund Auction |
1.420% |
1.310% |
||
EUR |
German Industrial Production (MoM) |
-0.9% |
-0.8% |
1.7% |
|
USD |
Nonfarm Productivity (QoQ) |
1.6% |
1.3% |
-0.5% |
|
USD |
Unit Labor Costs (QoQ) |
1.7% |
0.6% |
5.6% |
Upcoming Economic Events that affect the CAD and USD
Date |
Time |
Currency |
Event |
Previous |
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 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