- February 15, 2019
- Posted by: Trading
- Category: Currency Forecast
is showing little movement in the Friday session. Currently, the pair is trading at 1.3282, down 0.08% on the day. On the release front, are expected to drop to C$7.6 billion. In the U.S., the is expected to rise to 7.1 and is projected to climb to 93.3 points.
Recent Canadian numbers have been mixed. The economy created 66,800 jobs in January, crushing the forecast of 6,500. However, manufacturing sales have recorded declines of 1.3% in December and 1.4% in November. The manufacturing sector has sputtered, as the global trade war has lessened the demand for Canadian exports. As well, low oil prices are weighing on the economy and on the Canadian dollar. The currency has slipped 1.2% in February. The Bank of Canada is unlikely to raise rates at the March 6 meeting, but there is room for rate hikes later in the year if economic growth improves.
In the U.S., consumer data has been dismal in January. and showed sharp contraction, and these numbers came on the heels of soft inflation indicators. Inflation remains low, despite a solid U.S. economy and strong labor market. CPI showed no change in January, and has failed to post a gain since November. Core CPI has recorded weak gains of 0.2% for four successive months. On an annualized basis, CPI gained 1.6% in January, the weakest year-over-year gain since mid-2017. The soft inflation numbers were a result of low energy prices, which fell 3.1% in January as oil prices remain under pressure.
Friday (February 15)
- 8:30 Canadian Foreign Securities Purchases. Estimate 7.6B
- 8:30 US Empire State Manufacturing Index. Estimate 7.1
- 10:00 US Preliminary UoM Consumer Sentiment. Estimate 93.3
*All release times are EST
*Key events are in bold
USD/CAD for Friday, February 15, 2019
USD/CAD for Feb. 14-15, 2019.
USD/CAD, February 15 at 8:22 EST
Open: 1.3296 High: 1.3313 Low: 1.3278 Close: 1.3284
USD/CAD posted small gains in the Asian session but retracted in European trade
- 1.3200 is providing support
- 1.3290 was tested earlier in resistance. It is a weak line
- Current range: 1.3200 to 1.3290
Further levels in both directions:
- Below: 1.3200, 1.3125 and 1.3049
- Above: 1.3290, 1.3383, 1.3445 and 1.3547
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