Here are some of the recent news and analysis of the USD CAD currency pair in the forex market.
1. DOLLAR REMAINS GENERALLY LOWER THAN OTHER MAJOR CURRENCIES IN THE FOREX MARKET:
Currently, there is uncertainty over the pace of the US rate hike in the future. As is well known in the forex market, low exchange rate is a trader’s best friend. If the USD, which is the most traded currency in the world, should pose such uncertainty, a lot of other commodities are bound to be affected. It was seen that the USD gained 2.1% against the expected 1.9% in consumer price. This strengthened the USD, but it was short lived as can be seen in the news.
2. THE CAD GAINS GROUND AFTER THE DISMAL USRETAIL SALES:
On the 14th of February, 2018, the CAD posted strong gains; and on the 15th, it paused. Canada has released the ADP non-farm employment change. In line with the US, there are a host of indicators highlighted by PPI and core PPI reports for January. There indicators were both expected to record gains after declining in the December readings. The US will also release key manufacturing reports and unemployment claims.
3. USD CAD ECONOMIC CALENDAR:
From the forex economic calendar today, there are issues about
- Continuing jobless claims
- Initial jobless claims
- Core PPI
- Philadelphia federal manufacturing index
- ADP non-farm employment change
All of these and more are expected to affect the trade of the USD CAD in one way or the other. Traders take care to take advantage of each and every one of the events listed in the calendar, while other are more concerned about the more relevant ones.
The continuing jobless claims event is not one of the most relevant. It shows the measurement of the unemployed individuals who qualify for benefits under unemployment insurance.
According to the ADP Canada national employment reports, in October 2017, employment in Canada decreased by 5700 jobs as at October 2017 starting from the month of September of the same year. This is a claim, and a source of concern both to the Canadian authorities and traders of CAD.
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