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COZfx: Canadian manufacturing shipments unexpectedly declined

Discussion in 'Analisa Fundamental' started by harryer, Aug 20, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar edged lower against the Canadian dollar in quiet trade on Monday as investors awaited this week’s Federal Reserve minutes amid widespread speculation over how soon the central bank will start to phase out stimulus measures.

    USD/CAD hit 1.0316 amid early US trade, the session low; the pair subsequently consolidated at 1.0332, edging down 0.06%. Coz forex senior derivatives trader Daniel • Moloney said, USD/CAD is predicted to find support at 1.0301, and a drop through could take it to the next support line of 1.0269. Meanwhile, the pair is predicted to find its first resistance at 1.0364, and a rose through could take it to the next resistance line of 1.0395.

    The Canadian Dollar came under pressure, as manufacturing sales in Canada surprisingly declined 0.5% in June to C$48.2 billion, compared to a revised rose of 0.6% recorded in May. Market had expected a rise 0.5% in June.

    Investors were looking ahead to the minutes of the Fed’s July meeting, due out on Wednesday, for further indications as to when the central bank may start to taper its USD85 billion-a-month asset purchase program. Expectations that the Fed may begin tapering as soon as September were boosted late last week after data showed that US weekly jobless claims dropped to an almost 6 years low.

    The single currency found support after Germany’s central bank said Monday the European Central Bank’s forward guidance on interest rates was not an "unconditional commitment".

    In its monthly report, Germany’s Bundesbank said that Germany and euro zone member states would benefit from record low interest rates set by the ECB. However, the report added that the ECB’s pledge to keep bank rates at low levels for an extended period would continue to depend on the medium term inflation outlook.

    (COZ forex UK)
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