The Canadian dollar devalued on Monday with a flat oil price and few economic data to drive the market.What is expected today? The 14 November USDCAD Fundamental Expectations Analysis sheds more light.
14 November, OctaFX – Politics dominated US Dollar price action last week, as expected. Senate Republicans underwhelmed with their version of tax cut legislation, offering up a plan that differed on several key points with the House of Representatives proposal and thus opening the door to a thorny reconciliation process.
Fed Janet Yellen to speak
Fed Chair Janet Yellen is expected to speak on Tuesday and might be a bit more straightforward now that Jerome Powell has been chosen to succeed her in February. The next day, CPI and retail sales statistics are expected to cross the wires. Softer results from the prior month are expected on both fronts but broad outperformance on US economic news-flow in recent months unlocks the door for upside surprises.
Inflation data will be the highlight this week with figures from the UK, the US, and Canada on the economic calendar. Canadian inflation will be released by Statistics Canada on Friday, November 17 at 8:30 am EST. Forecasts call for a slight gain of 0.1 percent in November.
14 November USDCAD Fundamental Expectations Analysis
The US dollar gained ground against its northern rival on Monday, with the USD/CAD racing back toward 1.2740. This pair is expected to see much more volatility later in the week as market participants weigh the latest batches of US economic data.
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