The BoC Governor Poloz’s speech yesterday did not add much impact on the market. However, the USDCAD is under pressure and expected to extend its downside movement. Get a brief update on the 15 December USDCAD Fundamental Outlook.
15 December, OctaFX – The US has a busier schedule compared to other economies as three different data are due to be released today. At 14:15 GMT data for the Empire State manufacturing index is due with a forecast of 18.8 in November, it was 19.4 in the prior month. Industrial production data is expected to decrease to 0.3% from 0.9% in October and Capacity Utilization rate is forecasted to reach 77.2%, from a previous reading of 77%.
Canadian manufacturing sales for the month of November is due out at 13:15 GMT which is expected to increase by 0.9% as compared to 0.5% in the previous month.
15 December USDCAD Fundamental Outlook
USD/CAD is under pressure and expected to extend its downside movement. In the Asian session, the pair encountered a steep downward movement which is expected to extend in upcoming sessions as well. Both 50-period and 20-period moving averages are declining and the relative strength index is heading towards the bearish zone. So, as long as price remains below 1.28789 (last week’s high), look for the new downward target at 1.2712 (yesterday’s low) and 1.2665 (last month’s low).
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