The Canadian dollar had an excellent week, despite weak Canadian employment data. USD/CAD secured the break under parity and broke under downtrend support. Inflation data is the major event this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
Canada lost over 30K jobs in July, and the unemployment rate rose to 7.3%. This seems like a correction after many good months. Purchasing activity edged up among Canadian companies in July rising to 62.8 from 49.0, well above predictions of 52.5, reaching its highest level in four months. However this is only one piece of good news since other data including the mild disappointing GDP growth suggest that recovery is mild at best and The European debt crisis still poses risks to the Canadian economy. Will things continue to improve?
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdcad-outlook-august-13-17/"]USD/CAD Outlook August 13-17[/URL][/I][/B]
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