Let’s take a look at the United States and Canadian Dollars again. Today the USDCAD dropped like a fly, adding to the USD bearish move of yesterday.
In the Non- Farm article yesterday I mentioned the perfect storm. That if the USD had bullish news and the CAD had bearish news, the USD could make up it’s loss from yesterday’s USD weakness.
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In a way, we did have a perfect storm. It was completely opposite from yesterday’s presented idea. The USD had bearish news and the CAD had bullish news!
Today the USDCAD could close at it’s lowest price since September 2011.
Next Tuesday, the trade balance for both the USD and CAD will be released at 8:30am EST. The trade balance is the value of the difference between imported and exported goods for that country.
The U.S. labor market is looking down with today’s Non- Farm employment release. This points to a response from the Fed during their meeting next Thursday, September 13th. The Fed may very well take action at next week’s FOMC. Expectation has been high the past month to hear words like “stimulus” and “QE3”. Will we hear such thiings Thursday?
Next week’s trade balances could bring volatility to the market but Thursday’s FOMC meeting will be the highlight of the week.
My stance is bearish on the USD and if Bernanke does finally mention QE3, we could see insane market conditions…
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Don’t miss Nathan’s analysis from today, click here!
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