Forex: USD/CAD on hold ahead of North American trade balances

on Nov 14, 2013
Updated: Oct 21, 2019

**, Thursday 14 November:**

So far today, the USD/CAD has drifted higher, reaching an intraday high of 1.0479 just before the London open. Right now, the currency pair is trading around 1.0476, up 0.18 percent intraday.
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The market’s focus today will inevitably fall on the Canadian and US Trade Balances for September, both due out at 13.30 UTC. The consensus is for Canada’s deficit to have narrowed to $1.1 billion from August’s $1.3 billion, while the US trade shortfall is projected to be marginally wider at $38.7 billion in September from $38.8 billion. Traders will also keep an eye on Canada’s trade surplus with the States, which widened to $ 4.0 billion in August from July’s $3.4 billion as exports to the US reached their maximum value since December 2011.

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Canada’s New Housing Price Index for September is also due out at 13.30 UTC, with expectations for a rise of 0.2 percent following August’s gain of 0.1 percent.

At 15.00 UTC though, Janet Yellen will testify before the Senate Banking Committee as President Obama’s nomination to replace Ben Bernanke as Chair of the Federal Reserve. Yellen is widely tipped to win confirmation by the Senate, despite Republican attempts to delay voting. The hearing may help clarify her views on monetary policy and the current state of the US economy.
The current Fed vice chair is perceived by the markets as a keen supporter of easing, but “the overall impression of her testimony is unlikely to match her very dovish reputation”, according to analysts at Nomura.
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