By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0220 on a cautious day, as investors sit on the sidelines.
There is no domestic data, leaving CAD vulnerable to broader trends. The most significant upcoming domestic risk is the June 5th BoC meeting, where Governor Carney is expected to dampen his hawkish tone. Currently the OIS market is pricing in no chance of an interest rate move in the next 9-months. G7 currency volatility has dropped off its recent highs which are positive for CAD; however with ongoing extreme uncertainty in Europe the bias remains that vol will continue to climb higher putting temporary downward pressure on CAD. Oil prices remain depressed and risk aversion remains the theme, expect the CAD to continue to trade in this range.
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 for May 29, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 29 |
JPY |
Unemployment Rate |
4.6% |
4.5% |
4.5% |
|
JPY |
Retail Sales (YoY) |
5.8% |
6.3% |
10.3% |
|
|
AUD |
HIA New Home Sales (MoM) |
6.9% |
-9.4% |
||
|
GBP |
CBI Distributive Trades Survey |
21 |
-7 |
-6 |
|
|
EUR |
German CPI (MoM) |
-0.2% |
-0.1% |
0.2% |
|
|
EUR |
German CPI (YoY) |
1.9% |
2.0% |
2.1% |
|
|
USD |
CB Consumer Confidence |
64.9 |
70.0 |
68.7 |
Upcoming Economic Events that affect the CAD and USD
|
Date |
Time |
Currency |
Previous |
|
|
May 30 |
12:30 |
CAD |
RMPI m/m |
-1.6% |
|
14:00 |
USD |
Pending Home Sales m/m |
4.1% |
|
|
May 31 |
12:15 |
USD |
ADP Non-Farm Employment Change |
119K |
|
12:30 |
CAD |
Current Account |
-10.3B |
|
|
12:30 |
USD |
Prelim GDP q/q |
2.2% |
|
|
12:30 |
USD |
Unemployment Claims |
370K |
|
|
13:45 |
USD |
Chicago PMI |
56.2 |
|
|
15:00 |
USD |
Crude Oil Inventories |
0.9M |
|
|
Jun 1 |
12:30 |
CAD |
GDP m/m |
-0.2% |
|
12:30 |
USD |
Non-Farm Employment Change |
115K |
|
|
12:30 |
USD |
Unemployment Rate |
8.1% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.2% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.3% |
|
|
14:00 |
USD |
ISM Manufacturing PMI |
54.8 |
Click here a current USD/CAD Chart.
Originally posted here
