USD Outlook Risks associated with Canadian house prices The gains can be attributed to more ‘hawkish’ commentary from the US Federal Reserve, especially in comparison to the European Central Bank.Īccording to OFX the USD trend for October is unclear. bitFlyer, simple, easy to use and regulated.The USD had a strong month in September, outperforming all the G10 currencies.Etoro, trusted by over 13m users worldwide.The following brokers are highly rated, recognised worldwide, and safe to use: To invest simply and easily, users need a low-fee broker with a track record of reliability. Therefore, the USDCAD pair will likely keep rising as bulls target the key resistance level at 1.2900. It is also slightly above the ascending trendline that is shown in blue. Also, the pair is being supported by the 25-day and 50-day moving averages. It has risen by more than 4% from the lowest level in October this year. The four-hour chart shows that the USD/CAD pair has been in a strong bullish trend in the past few weeks. This was seen as being bearish considering that the world is facing the challenge of Omicron variant. They decided to continue adding their supplies by about 400k barrels. Meanwhile, the Canadian dollar also slipped after the OPEC+ members concluded their December meeting. The unemployment rate is expected to drop to 6.1%. The numbers are expected to show that the country’s economy added more than 35,000 jobs in November after it added 31k in the previous month. The USD/CAD pair also rose ahead of the latest Canada jobs numbers. These numbers will come a few days after the Federal Reserve chair hinted that the bank will start tightening its monetary policy. Economists see the participation rate rising to 61.7% and wages rising to 5.0%. Other numbers from the US are expected to be strong. It will also be a sign that the American economy is experiencing full employment, which happens when the rate falls below 5%. This will be the lowest figure since the pandemic started. The unemployment rate is expected to decline from 4.6% in October to 4.5% in November. Sign-up for the Invezz newsletter, today. It will be a signal that the labour market is doing relatively strong.Īre you looking for fast-news, hot-tips and market analysis? This will be the second straight month that the economy has added more than 500k jobs. Economists expect the data to show that the country’s economy created more than 543k jobs in November. The US Bureau of Labor Statistics (BLS) will publish the latest jobs numbers on Friday. It is trading at 1.2830, which is about 4.40% above the lowest level in October this year.
The pair also rose after the latest OPEC+ meeting. The USD/CAD held steady on Friday morning as the market waited for the latest US and Canada jobs data.
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