USD/CAD WEEKLY OUTLOOK COME DEC 9TH- 13TH; BULLISH GAS STILL FLARRING FOR HIGHER HIGHS- TRADERS ENJOYING MODEST PROFIT

FUNDAMENTAL BEAM

USD/CAD was almost unchanged on the week, as the Canadian dollar closed the week at 1.0633. The upcoming week has a very light schedule, with just three releases. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.

Both the US and Canada posted sharp employment numbers last week. In the US, Unemployment Claims continued to drop, while Non-Farm Payrolls remained strong and easily beat the estimate. North of the border, Canadian Employment Change rose nicely, climbing to a three-month high.

Summary of key evens during the week

1. Housing Starts: Monday, 13:15. Housing Starts have been moving higher and climbed to 198 thousand in October, beating the estimate of 192 thousand. Another strong reading is expected for November, with the estimate standing at 195 thousand.
2. NHPI: Thursday, 13:30. The New Housing Price Index is an important gauge of activity in the housing sector. The indicator has looked weak and dropped to 0.0% in October, its lowest level in over three years. The markets are expecting an improvement for November, with a estimate of a 0.3% gain.
3. BOC Governor Stephen Poloz Speaks: Thursday, 18:05. Poloz will speak at the Canadian Club in Montreal. With the BOC maintaining interest rates at 1.00% last week, analysts will be listening closely for clues as to the Bank’s future monetary policy.

TECHNICAL BEAM

 

 Just as exactly predicted, USD/CAD keep posting very modest gains on the upside keeping hopes of hitting higher highs and bringing unquestionable profits home.

Last week the pair kept gaining as if to say there are no limit to a bullish trend anymore. This week ahead of us, we envisage even higher highs as market price us expected to hit 1.1062 as well as moving higher to hit a Fibonacci 100% market at 1.1200 to complete the long wave leg III.

NOTE: Price predictions produced by FibonacciPrice&PatternTrader may be affected by unforeseen events like hurricane, earth quake, flood and other natural disasters consequently changing price patterns already predicted. Hence we advice strict adherence to money management techniques.

HAPPY TRADING