USD/CAD Fundamental Analysis – July 10, 2015 – Forecast

Analysis and Recommendations:

The USD/CAD dipped 25 points to trade at 1.2719 after the pair became overvalued. The Canadian dollar was seen higher against the US dollar this session as recovery in oil prices pair with upbeat China CPI data continue to boost the sentiment around the loonie.

However, strengthening US dollar against its major rivals amid talks of new Greece proposal to be submitted later tonight, keeps a check on USD/CAD. Markets now shift attention towards a set of housing data from Canada, while US weekly jobless claims due later in the US session will also be closely eyed.

The greenback was higher against a other major currencies on Thursday, as markets eyed fresh reform proposals from Greece after the country requested a new three-year bailout on Wednesday.

The greenback broadly weakened after the minutes of the Federal Reserve’s June policy meeting released on Wednesday showed that policy makers need to see more signs of a strengthening U.S. economy before raising interest rates.

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.

Today’s economic releases:

 

Upcoming Economic Events that you should be monitoring:

Friday, July 10, 2015

Government Bond Auctions

Date Time Country

Jul 09 19:00 US Auctions 30-year bonds