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Weekly Analysis and Recommendation:
The USD/CAD dropped this week to close at 1.0355 after opening on Monday at 1.0414. The U.S. dollar fell against all but the yen among its 16 most-traded peers this week as the country entered talks with Russia on a plan for Syria to give up its chemical weapons arsenal and avoid the possibility of a U.S. strike, which had boosted the appeal of the greenback as a haven asset.
The Federal Open Market Committee will decide to reduce monthly purchases of Treasuries to $35 billion from $45 billion, according to the median of 34 responses in a Bloomberg survey of economists. Policy makers will maintain mortgage-bond buying at $40 billion, the survey shows.
Canadian housing starts came in at an annualized 180.3k in August, in line with the average so far this year, which is 183k, and weaker than consensus expectations for August, which was 190k. Canadian markets will play follow-the-leader south of the 49th next week as the outcome of the Federal Reserve meeting will dictate the tone of the Canadian market. Bank of Canada Governor Stephen Poloz seems to have developed an early liking for speaking ahead of widely watched Federal Reserve developments. He did it in July and will do so again on Wednesday. Canadian data risk will be modest.
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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Major Economic Events for the week of September 9-13 actual v. forecast for the Canadian & US Dollar
Chinese Fixed Asset Investment (YoY)
Chinese Industrial Production (YoY)
Historical: From 2011 to present
Highest: 1.0657 CAD on Oct 04, 2011
Average: 1.0042 CAD over this period
Lowest: 0.9407 CAD on Jul 26, 2011
Economic Highlights of the coming week that affect the American and Canadian Markets
Government Bond Auction
Date Time Country
Sep 16 09:00 Slovakia
Sep 16 09:10 Norway
Sep 17 08:30 Spain
Sep 17 09:30 Belgium
Sep 18 09:10 Sweden
Sep 18 09:30 Germany
Sep 18 09:30 Portugal
Sep 19 08:30 Spain
Sep 19 08:50 France
Sep 19 09:30 UK
Sep 19 09:50 France
Sep 19 15:00 US
Sep 19 17:00 US
Sep 20 15:30 Italy
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