There was not much data from Canada on Thursday but the US session saw the declaration of the new tax plan, as well as the announcement of Jerome Powell as the next Fed Chair, come February 2018. A brief summary is provided in the 3 November USDCAD Fundamental Drivers Analysis.
3 November, OctaFX – The Canadian dollar strengthened against its U.S. counterpart, contributing to a more solid USDCAD this week. Investors are also looking toward Friday’s employment data on both sides of the border.
Confirmation that President Donald Trump has chosen Fed Governor Jerome Powell to replace Janet Yellen next year as the new head of the U.S. Federal Reserve also rendered some support for the Canadian dollar, which attained its strongest level in a week.
The Canadian one Dollar coin has fallen over 6 per cent since posting a more than two-year high in September at $1.2063. Commenting on the currency’s speedy appreciation from May to September, David Bradley, director of foreign exchange trading at Scotiabank, said; “The move up was over-extended. I think you’d need a really strong U.S. print or a really weak Canadian print to see USD/CAD trade back up to recent highs. It seems like there’s solid offers every time we trade up toward $1.29,”.
3 November USDCAD Fundamental Drivers Analysis
The Canadian dollar clawed back some of its recent declines on Thursday, with the USD/CAD crumbling back toward the 1.2800 handle. Friday will be a big session for the pair, with data from both countries set to make headlines.
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