
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time.
Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2. A month and a half ago, BOC surprised investors by abruptly ending its bond-buying program and pulling forward its expected timeline for interest rate rises. As a result, there was a heavy sell-off in Canadian government debt. As for inflation, consumer prices in Canada rose at their fastest rate in 18 years in September 2021, as the country continued to grapple with global supply chain issues.
The annual inflation rate hit 4.7% in October, its highest level since February 2003. It’s logical to hike rates to slow inflation. The Bank of Canada last month signaled it could start hiking rates as soon as April 2022.
Analysts expect BOC to leave the rates on current levels. If the bank doesn’t do something unexpected (hike rates), Loonie will remain weak and may experience a decrease against USD and JPY.
USD/CAD daily chart
Resistance: 1.2820; 1.2950
Support: 1.2550; 1.2450; 1.2310
The main affected pairs are USD/CAD and CAD/JPY.
Check the economic calendar
Instruments to trade: CAD/JPY, USD/CAD, CAD/CHF
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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