08 USD/CAD Fundamental Analysis: November 21, 2016

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Offline Andrea ForexMart

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USD/CAD Fundamental Analysis: November 21, 2016
« on: November 22, 2016, 01:08:56 am »
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  •    The USD/CAD pair ranged for the entirety of last week since the sudden surge in the value of the USD seemed to have little if no effect on the currency pair. However, the USD/CAD had one of the tightest ranges as compared to other pairs since the USD/CAD was unable to go beyond 1.3400 and 1.3600 on both the resistance and support side, which was mostly due to the fact that the increase in the value of the USD was mainly offset by the strength of the CAD.


       The CAD has been experiencing significant increases since next week due to an increase in oil prices as the OPEC meeting draws nearer. The market is currently putting in optimistic expectations with regards to the meeting, with deals hopefully being made and statements from various stakeholders are showing that this might be the case once the meeting commences. The Canadian economy is expected to get a boost if ever deals regarding oil production cuts are struck especially since the economy is largely dependent on the production of oil.


       For this week, the market is expecting the release of Canadian core retail sales data on Tuesday since this is an efficient indicator of Canadian purchasing power and this could give clues with regards to the general direction of the Canadian economy. The minutes of the FOMC meeting is scheduled to be released on Wednesday, and this is expected to give hints regarding the Fed rate hike on December. The USD/CAD continues to be bullish, and the target for the currency pair is expected to be 1.40 in the next few months. The pair is most likely to be drawn to the said target by the impending Fed rate hike as well as an expected rate cut from Canada.

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    Offline Andrea ForexMart

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    GBP/USD Fundamental Analysis: November 21, 2016
    « Reply #1 on: November 22, 2016, 03:11:04 am »
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  •    The sterling pound was subject to significant losses since the unexpected strength of the USD has already took hold of the market’s general direction. However, as compared to other major currencies such as the AUD and EUR, the GBP was able to withstand the sudden strength of the USD and its effect on the market. This is because the market is slowly coming to terms with unconventional political moves, which is evident in the Brexit referendum and US elections. The sterling pound was able to become more stable since market players are now seeing Brexit as much less of a risk as compared to before.


       For the past week, the GBP has consolidated and stabilized in spite of its bearish bias. This particular bias was somewhat augmented by weak economic data from the UK which was caused by the slowly sinking negative effects of the Brexit referendum as well as the pronounced weakness in the euro. The CPI data for UK came in lower than expected, but the retail sales data for the region came out on a more positive note.


       For this week, the GDP report for the UK is expected to be released but since the USD has been constantly increasing as well as US Treasury yields, it is expected that this will have more impact on the currency pair. The US will also be releasing the minutes of the FOMC meeting this coming Wednesday, which is expected to give clues about the upcoming Fed rate hike in December.

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    Offline Sam Worthington

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    Re: USD/CAD Fundamental Analysis: November 21, 2016
    « Reply #2 on: August 16, 2018, 06:09:50 am »
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    Offline Norm Alanbar

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    Re: USD/CAD Fundamental Analysis: November 21, 2016
    « Reply #3 on: October 03, 2018, 05:37:20 am »
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    Offline Aramis Baynard

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    Re: USD/CAD Fundamental Analysis: November 21, 2016
    « Reply #4 on: January 12, 2019, 03:12:43 pm »
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