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9 Jan 2014
USD/CAD continues bullish momentum
FXstreet.com (London) - USD/CAD continues to climb in advance of tomorrow’s US non-farm payroll statistics and continuing broad USD/CAD momentum.
Canadian housing stabilising
Data released earlier today showed weaker-than-expected Canadian housing stats, which may assuage some concerns over the expansion of Canada’s housing marked.
The report from the Canada Mortgage and Housing Corp showed a drop in the seasonally-adjusted annualised rate of housing starts to 189,672 units in December from an upwardly-revised 197,797 the previous month. The figures fell a little beyond consensus expectations of a 190k and included a 6.7 percent drop in new build permits.
USD/CAD focus now on non-farm payrolls
Focus is now on tomorrow’s US non-farm payroll statistics. Strong ADP numbers earlier this week support another ~200k print adding to expectation of a continuing US recovery.
USD/CAD has gained 2.04 on the week so far, with Canadian inflation expectations drawing down the CAD – inflation is currently running at 0.9 percent, far short of the Bank of Canada’s 2 percent inflation target.
USD/CAD is currently trading at CAD1.0852, up 0.25 percent on the day from an opening price of CAD1.0827.
Canadian housing stabilising
Data released earlier today showed weaker-than-expected Canadian housing stats, which may assuage some concerns over the expansion of Canada’s housing marked.
The report from the Canada Mortgage and Housing Corp showed a drop in the seasonally-adjusted annualised rate of housing starts to 189,672 units in December from an upwardly-revised 197,797 the previous month. The figures fell a little beyond consensus expectations of a 190k and included a 6.7 percent drop in new build permits.
USD/CAD focus now on non-farm payrolls
Focus is now on tomorrow’s US non-farm payroll statistics. Strong ADP numbers earlier this week support another ~200k print adding to expectation of a continuing US recovery.
USD/CAD has gained 2.04 on the week so far, with Canadian inflation expectations drawing down the CAD – inflation is currently running at 0.9 percent, far short of the Bank of Canada’s 2 percent inflation target.
USD/CAD is currently trading at CAD1.0852, up 0.25 percent on the day from an opening price of CAD1.0827.