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USD/CAD: worst week since April

FXStreet (Córdoba) - Near the end of the week, USD/CAD is trading slightly above Friday’s lows consolidating weekly losses. For the third day in a row the loonie is the best performer among commodity currencies.

USD/CAD reverses

On Tuesday the pair climbed to 1.3458 and hit the strongest level in 11 years. Afterwards bounced to the downside, and started a reversal. It dropped on Wednesday after GDP data from Canada; it continued to decline on Thursday and on Friday bottomed at 1.3182, a 13-day low after the US employment report.

USD/CAD attempted to record from the lows but the area around 1.3250 capped the upside. It was hovering around 1.3200, 140 pips below the level it had a week ago.

Data ahead

Next week the main repot in the US will be the FOMC minutes from the latest meeting while in Canada next Friday, the employment report will be release and also the Bank of Canada Business Outlook Survey (BOS). According to analysts from TD Securities the survey will provide qualitative assessment of the investment intentions (particularly in the energy sector) and the degree of optimism among manufacturing firms. “The BOS is an important tool into the Bank's decision making process and the overarching theme of caution will curtail how upbeat future communications can be. But in the spirit of buying time amid elevated uncertainty, and with a low bar to beat for forecasted Q3 growth, our expectation is for the overnight rate to be left unchanged for the balance of the year and into 2016.”

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