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USD/CAD Fundamental Analysis, May 12, 2015 – Forecast

usdcad monday bnsAnalysis and Recommendations:

The USD/CAD gained 67 points today as traders bumped the US dollar in early trading and the CAD suffers from lackluster data last week including a disappointing jobs report on Friday. The pair is trading at 1.2138. The U.S. dollar failed to rally on Friday against a basket of major currencies after a mixed U.S. jobs report stoked uncertainty over the timing of Federal Reserve rate hikes, but gains against the euro helped the currency edge higher. U.S. Labor Department data showed nonfarm payrolls increased 223,000 last month, while the unemployment rate dropped to a near seven-year low of 5.4 percent. March payrolls, however, were revised to show only 85,000 jobs were created, the smallest since June 2012.

Canada lost 19,700 jobs in April on the biggest drop in part-time work in four years. Employment fell the most since August and the jobless rate remained at 6.8 percent for a third month, Statistics Canada said Friday in Ottawa. Economists surveyed by Bloomberg News projected a 5,000 job decrease and the jobless rate to rise to 6.9 percent.

ForexTraq 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.

Today’s economic releases actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

  EUR

 

ECB’s Nowotny Speaks  

 

 

 

 

 

  GBP

 

BoE QE Total (May)

 375B

375B

375B

 

 

  GBP

 

Interest Rate Decision (May)

 0.50%

0.50%

0.50%

   

 USDCAD(15 minutes)20150511091354

Upcoming Economic Events that you should be monitoring:

Tuesday, May 12, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  GBP

 

BRC Retail Sales Monitor (YoY)

 

 

3.2%

 

 

  AUD

 

Home Loans (MoM) (Mar)

 

1.0%

1.2%

 

 

  GBP

 

Industrial Production (MoM)

 

0.1%

0.1%

 

 

  GBP

 

Manufacturing Production

 

0.3%

0.4%

 

 

  USD

 

JOLTs Job Openings (Mar)

 

5.085M

5.133M

 

 

  USD

 

Federal Budget Balance (Apr)

 

146.5B

-53.0B

   

Government Bond Auctions

Date Time Country

May 12 09:15 Norway Holds bond auction

May 13 09:10 Italy Auctions BTPs/CCTeus

May 13 09:30 Germany Eur 3bn Feb 2025 Bund

May 13 14:30 Sweden Details bond auction on 20 May

May 14 09:30 UK Auctions 2% 2020 Conventional Gilt

 

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