Yahoo Finance USD/CAD Daily Fundamental Forecast – December 12, 2017
The USDCAD is back in range as there has not been much action seen in the markets since the beginning of the week. There has been a lack of fundamental and economic events during this period and this has made the market directionless and it looks as though this would continue for today as well.
USDCAD Hugs to Top of Range
The dollar has been steady over the last 24 hours and has seen some choppy trading in it during this period. The market seems to be getting ready for bigger news and economic events ahead and this has led to some sort of consolidation as the traders position themselves for volatility later in the week as more and more news come in. One of the main events is likely to be the rate hike from the Fed which the market expects the Fed to announce this week.
This is already priced into the markets and so it is unlikely to lead to any major moves in the dollar if and when that happens. Also, yesterday, the CAD was well supported by the oil prices which have moved through the $58 region and look all set to push through the $60 region in the short term. But apart from this, we do not expect any other fundamentals to be supportive of the CAD in the short term.
Looking ahead to the rest of the day, we do not have any major news from Canada for the day but we have the PPI data from the US. We expect another day of consolidation and ranging in the markets for today which should keep the pair above 1.28 for today.
This article was originally posted on FX Empire
